Karoon Energy Ltd (ASX: KAR) has announced the appointment of Eric Williams as Executive Vice President (EVP) and Chief Financial Officer (CFO), effective 23 Mar 2026. Alongside this, Mark Mick has been appointed as EVP and Chief Commercial and Technical Officer (CCTO), with his employment commencing on 5 Mar 2026.
Figure 1: Karoon Energy logo representing the Australian oil and gas exploration and production company [Courtesy: Karoon Energy]
Karoon Energy leadership changes explained through these two appointments signal a deliberate shift in how the Company organises its executive bench. Both roles are based at Karoon’s corporate headquarters in Houston, USA, and both individuals report directly to the Chief Executive Officer and Managing Director, Ms Carri Lockhart.
A Refreshed Leadership Structure for a Pivotal Period
The Rationale Behind Karoon Energy Leadership Changes Explained
Karoon Energy leadership changes explained in context reflect a strategic consolidation of the Company’s commercial and financial functions. Eric Williams succeeds Ray Church, who served as CFO for more than 4.5 years. Mark Mick’s appointment as CCTO brings together responsibilities previously held by Roland Hamp, EVP Technical, and Stephen Power, EVP Commercial.
Karoon Energy (ASX: KAR) confirmed that Ray Church will remain with the Company until September 2026 to support a smooth transition. Roland Hamp will continue overseeing the Baúna FPSO operatorship transition and will remain with the Company until 30 Jun 2026.
Who Is the New CFO of Karoon Energy?
Eric Williams Brings 15 Years of Oil and Gas Financial Leadership
Who is the new CFO of Karoon Energy is a question investors in the Company will want answered in full. Eric Williams brings more than 15 years of oil and gas industry experience, with a strong track record across accounting, financial control, capital markets and investor relations.
Figure 2: Eric Williams, newly appointed EVP and Chief Financial Officer of Karoon Energy [Courtesy: LinkedIn]
Key highlights from Eric’s career include:
- Started as an auditor at PwC before moving into corporate financial and reporting roles
- Held financial reporting and investor relations functions at NYSE-listed Callon Petroleum, where market capitalisation grew from US$40 million to US$3.5 billion
- Served as CFO at AIM-listed Diversified Energy, supporting its transition to a premium LSE listing and growing revenue from US$20 million in 2017 to US$1.9 billion in 2022
- Most recently served as CFO at NYSE-listed Sunnova Energy, where he restructured the finance team and raised more than US$1 billion in financing
Eric holds a Bachelor’s in Accounting from Samford University, a Master’s in Accounting from the University of Alabama, and is a Certified Public Accountant.
Why Karoon Energy Appointed New CTO?
Mark Mick’s Appointment Deepens Operational and Commercial Expertise
Why Karoon Energy appointed new CTO becomes clear when viewed against the Company’s operational growth ambitions. Mark Mick brings nearly three decades of oil and gas experience, having held roles across Apache Corporation, Murphy Oil Corporation and Marathon Oil Company in both the United States and internationally.
Figure 3: Mark Mick, EVP and Chief Commercial and Technical Officer of Karoon Energy [Courtesy: LinkedIn]
Key highlights from Mark’s career include:
- Began as a reservoir engineer at Marathon Oil in Louisiana, USA, before taking on engineering and technical leadership roles in Texas and Scotland
- Joined Murphy Oil in Southeast Asia, serving as Vietnam Country Manager and in offshore and deepwater development roles in Malaysia
- Served as Commercial Director and Country Manager, Suriname, at Apache Corporation, supporting corporate social responsibility and international new ventures
- Most recently served as Managing Director, Land and Commercial, at Apache Corporation in Houston, overseeing the Permian Basin Land organisation and all international commercial staff
Mark holds a Bachelor of Science in Environmental Geology from Boston College, a Master of Science in Chemical Engineering from the University of Dayton, and an MBA in Energy Risk Management from the University of Houston. He is also a graduate of Harvard Business School’s General Management Program.
Consolidation of Houston Operations Supports Corporate Alignment
Reducing Time Zone Challenges Across Corporate and Operational Teams
The Houston-based positioning of both new executives aligns with the Company’s stated goal of improving collaboration between its corporate and operational teams. Karoon Energy leadership changes explained in this light reflect a deliberate effort to reduce coordination friction across time zones.
Commenting on the appointments, CEO and Managing Director Ms Carri Lockhart said: “After two rigorous search processes from a pool of highly qualified candidates, I am delighted that Eric and Mark have joined Karoon. Both individuals have extensive oil and gas industry experience and significant expertise in their respective fields, which they will contribute towards achieving Karoon’s strategic objectives.”
Ms Lockhart added: “I would like to sincerely thank Ray Church, Roland Hamp and Stephen Power, who will not be relocating to Houston, for their substantial work over the past few years. Each have contributed materially to Karoon’s success and leave behind a strong financial, technical and commercial base for the refreshed Karoon executive leadership team.”
Karoon Energy (ASX: KAR) confirmed that its EVP, General Counsel and Company Secretary, along with its investor relations team, will remain located in Australia to support the Australian shareholder base and meet regulatory obligations.
Industry Outlook
The international oil and gas exploration and production sector continues to demand experienced executive leadership capable of navigating capital market complexity, operational risk and commercial negotiation at scale.
Companies with diversified asset portfolios across jurisdictions such as Brazil, the United States and Australia increasingly require leadership teams that combine financial discipline with deep technical and commercial understanding. Karoon Energy’s restructured executive team reflects this industry-wide shift toward integrated leadership models built for upstream growth.
Karoon Energy Share Price
Karoon Energy Ltd (ASX: KAR) is currently trading at A$2.045 per share. The Company carries a market capitalisation of A$1.41 billion. The 52-week range stands at A$1.200 to A$2.170 per share.
Figure 4: Karoon Energy (ASX: KAR) share price performance over the past year showing recent upward movement [Courtesy: ASX]
Future Direction and Impact
Karoon Energy (ASX: KAR) enters the second quarter of 2026 with a refreshed executive team positioned to execute on its strategic objectives. With Eric Williams bringing financial rigour and capital markets expertise to the CFO seat, and Mark Mick anchoring the commercial and technical agenda, the Company is building an executive bench suited to its next phase of growth.
For those following why Karoon Energy appointed new CTO, and who is the new CFO of Karoon Energy, the answer points toward a Company that is consolidating for operational scale rather than managing transition.
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Frequently Asked Questions
Q1. Who is the new CFO of Karoon Energy?
Ans. Eric Williams has been appointed as EVP and Chief Financial Officer of Karoon Energy, effective 23 Mar 2026.
Q2. Why did Karoon Energy appoint a new CTO?
Ans. Mark Mick was appointed as EVP and Chief Commercial and Technical Officer to consolidate the commercial and technical functions previously held by two separate executives, deepening the skills base of the leadership team at a pivotal period for the Company.
Q3. Where will the new executives be based?
Ans. Both Eric Williams and Mark Mick will be based at Karoon Energy’s corporate headquarters in Houston, USA, reporting directly to CEO and Managing Director Ms Carri Lockhart.
Q4. What happens to the outgoing executives?
Ans. Ray Church will remain a Karoon employee until September 2026 to support the transition. Roland Hamp will remain with the Company until 30 Jun 2026, continuing to oversee the Baúna FPSO operatorship transition.
Q5. What do Karoon Energy leadership changes explained mean for Australian investors?
Ans. The investor relations team and EVP, General Counsel and Company Secretary will remain in Australia to support the Australian shareholder base and ensure regulatory obligations.
Disclaimer
This article is intended for informational purposes only and does not constitute financial or investment advice. All content is based on the ASX release issued by Karoon Energy Ltd (ASX: KAR) on 23 Mar 2026, authorised for release by the CEO and Managing Director of Karoon Energy Ltd. Share price and market capitalisation data reflect figures provided at the time of publication. Investing in securities involves risk. Readers should conduct their own research and seek independent financial advice before making any investment decisions. Colitco does not hold any position in the companies or organisations mentioned.
Sources
https://www.asx.com.au/markets/company/KAR
Disclaimer
Last modified: March 23, 2026
