One of the oil industry’s most colourful characters, Sir Bill Gammell, is finally stepping down as chairman of Cairn Energy, the company he founded four decades ago.
Gammell, who played international rugby for Scotland and claims Tony Blair and George W Bush as childhood friends, stepped back as chief executive of Cairn three years ago.
He will be succeeded as chairman by former Balfour Beatty chief executive Ian Tyler at the annual meeting in May.
Gammell, 61, brought Cairn to the stock market in 1989 when it was valued at just £25 million. It is now valued at £1.1 billion.