A Top Executive Quits: What Went Wrong at Santos?

Sherry Duhe, the former finance chief of Santos, has spoken out about her sudden departure from the company, citing CEO Kevin Gallagher's leadership style as the main reason for her exit. Duhe had only been with Santos for a year before deciding to leave, stating that she had tried to work things out with Gallagher but ultimately found it unsustainable.

Leadership Tensions and Board Intervention

Duhe revealed that Gallagher and Kim Lee, the executive vice president of people and brand, had asked her to stay, even expressing a willingness to improve their leadership style. However, the situation escalated when board chair Keith Spence informed her that her services were no longer needed. Duhe claimed she had already resigned by that point and refused to sign a non-disclosure agreement (NDA), insisting on transparency about her departure.

Context of Departure

Duhe's exit follows a failed takeover bid by Abu Dhabi National Oil Company just a month prior. Analysts had viewed her as a potential successor to Gallagher. Before joining Santos, Duhe held roles at Shell, Woodside Energy, and Newcrest Mining, and was appointed as Santos' finance chief in September 2024.

Gallagher's Tenure and Company Challenges

Kevin Gallagher has been the CEO of Santos for nearly a decade, during which the company has faced multiple multi-billion dollar takeover bids that did not proceed. Keith Spence has served as chairman for over seven years. Santos has not provided further comment on Duhe's departure beyond stating she was leaving to "pursue other interests."

Questions About Leadership Culture

Duhe's decision to speak out raises concerns about leadership culture at Santos. While executive departures due to leadership differences are not uncommon, her refusal to sign an NDA underscores her commitment to transparency.