Update: Pertamina says Karen resigns to allow regeneration

State owned oil and gas firm PT Pertamina said on Monday President Director Karen Agustiawan has tender resignation for private reason as well as to allow regeneration in the firm.

Vice President Corporate Communication Ali Mundakir said in a statement that Karen sent a letter to the firm on Aug. 13, in which she announced her resignation. Copies of the letter were sent to Minister of State Enterprises Dahlan Iskan, the Board of Commissioners and the Board of Directors.

?Ibu Karen Agustiawan has been a member of Pertamina?s Board of Directors for 6.5 years, including one year as upstream director and 5.5 years as president director. In her opinion, it?s time to resign for the sake of regeneration process at Pertamina?s leadership,? Ali said.

Karen was installed as upstream director on March 5, 2008. She was installed as president director on Feb. 5, 2009 and re-installed into the same position on March 5, 2013.

According to Ali, Karen will stay as president director until Sept. 30. On Oct. 1, the extraordinary meeting of shareholders is scheduled to appoint her successor.

Earlier, Dahlan said Karen wants to pursue a teaching career at the Harvard University in the US.

He denied rumors that Karen's resignation was related to the company's failed plan to up the price of 12 Kg LPG.

Dahlan said the board of commissioners will appoint a caretaker.

Editing by Johannes Simbolon