Medco appoints new finance director

JAKARTA: Medco Energy International named Darmoyo Doyoatmojo as its new chief financial officer to replace incumbent State Minister of State Enterprises Sugiharto, who joined the company in 1974.

In a shareholders meeting on Thursday, Medco also appointed Hilmi Panigoro as the chief executive officer/corporate secretary and Rashid I. Mangunkusumo as chief operating officer.

The changes in Medco Energy management is due to changes in the ownership of the company's shares. After buying back shares over a period of time, the Panigoro family now owns 100 percent of Medco Energy.

"The Panigoro family is strongly committed to continuing with the implementation of good corporate governance within Medco Energy to ensure the company's growth in the future," the company said in a statement on Thursday. -- JP