Galp CEO Resigns Amid Ethics Probe
The probe followed an anonymous complaint concerning a conflict of interest arising from the unreported relationship between the CEO and a female director at the company.
What?
Filipe Silva, CEO of Galp, Portugal’s largest oil and gas company, has resigned from his position, citing family reasons.
The announcement follows reports of an ongoing ethics committee investigation into an alleged personal relationship with a senior director under his direct supervision.
The resignation takes effect immediately, ahead of the conclusion of the investigation.
The ethics committee launched the probe after receiving an anonymous complaint alleging a conflict of interest arising from the unreported relationship.
This could potentially violate Galp’s code of conduct, which mandates the disclosure of such matters to avoid conflicts of interest. While the investigation is ongoing, it has been reported that the senior director involved continues in her role.
Silva has already been questioned by the committee, which is tasked with determining whether any violations occurred and recommending corrective actions.
These could range from dismissal to other sanctions. However, Silva’s resignation has rendered such measures unnecessary.
A Career Spanning Over a Decade
Filipe Silva joined Galp in 2012 as CFO and assumed the role of CEO in January 2023, following Andy Brown, a former Shell executive.
Silva’s tenure as CEO was set to end in 2026 after being reappointed for a new term in 2024. His resignation cuts short a career that saw him contribute significantly to the company’s growth, according to Galp’s non-executive chairman Paula Amorim.
“Filipe’s dedication over the past 12 years was crucial to Galp’s development,” Amorim said in a statement.
She reassured shareholders that the executive committee remains in capable hands and that the company will announce a new CEO in the coming days.
Ethics and Transparency in Focus
The ethics committee’s ongoing investigation reflects Galp’s commitment to enforcing its code of conduct. Under company policies, non-disclosure of a personal relationship that might influence workplace decisions constitutes a serious breach.
The case also underscores the importance of transparency and adherence to governance standards in leadership roles.
Despite the controversy, Galp emphasized its operational stability.
The company’s executive team, including CFO Maria João Carioca and other senior members, will continue to implement its strategic vision during the leadership transition.
Immediate Succession Plans
In a statement to Portugal’s Securities Market Commission (CMVM), Galp confirmed Silva’s resignation and outlined plans to appoint a new CEO shortly.
The announcement sought to assure investors of continuity in management and strategic execution.
Filipe Silva leaves Galp after a 12-year tenure marked by significant contributions to the company’s growth, though his departure amid an ethics inquiry adds complexity to his legacy.