Adelaide, 14 October 2025 — Santos Ltd has announced the resignation of Chief Financial Officer (CFO) Sherry Duhe, who is stepping down after less than a year in the position. The company has appointed Lachlan Harris, currently its Treasurer and Deputy CFO, as Acting Chief Financial Officer effective immediately.

Duhe, who joined Santos in late 2024 after senior executive roles at major Australian energy companies, was widely regarded as a strong internal candidate for future leadership succession. Her departure comes at a pivotal moment as Santos prepares for the start-up of its major Barossa and Pikka projects, both expected to play a critical role in the company’s growth strategy and cash generation over the next decade.

While the company stated that Duhe is leaving to “pursue other interests,” the move has prompted discussion among market observers about leadership stability and succession planning within Santos. No official reason was disclosed for her resignation. Analysts note that the timing is challenging, given the company’s heightened capital commitments and focus on long-term balance sheet discipline.

Chief Executive Officer Kevin Gallagher thanked Duhe for her contribution, highlighting her role in cost-reduction programs and process improvements in budgeting and long-term planning. Gallagher added that the leadership transition would not disrupt ongoing financial operations or strategic projects.

Harris, who joined Santos in 2010 from a major global accounting firm, has held several senior finance and risk management roles over the past 15 years. He previously served as acting CFO and is expected to ensure continuity while the company searches for a permanent replacement.

Market response to the leadership change has been measured, with Santos’ shares showing only minor fluctuations following the announcement.