Woodside Petroleum's Robert Cole to replace retiring managing director Reg Nelson at Beach Energy in June Incoming Beach Energy managing director Rob Cole. Retiring Beach managing director Reg Nelson. Picture Roger Wyman. SOUTH Australian oil and gas producer Beach Energy has named Woodside Petroleum executive director Robert Cole as its new managing director from June next year. The vice-president and executive director of Woodside Petroleum will replace Reg Nelson, who leaves next year after growing the company from a market capitalisation of less than $10 million to more than $1.4 billion. Shareholders at this morning's annual meeting in Adelaide will also vote on rewarding Mr Nelson's 23 years at the company with a "retirement benefit"," allowing him to be eligible for share rights which expire after he retires. The 52 year old Mr Cole will be paid a fixed remuneration of $1.2 million per annum and be eligible for short term and long term incentives. Mr Cole has been on Woodside's board since 2012 after joining the group in 2006. Beach chairman Glenn Davis said the company was delighted to have a person of his calibre. Mr Cole brings tremendous industry experience and understanding with a deep skill set in values based leadership, strategy planning and execution. There will be an orderly transition and handover once Mr Nelson ceases his role as managing director. At that point, Mr Cole will join the board as director," Mr Davis said. Prior to his time at Woodside Mr Cole had more than 21 years" experience in corporate energy and resources law. He resigned from his roles at Woodside earlier today, effective immediately. Beach is now Australia's largest onshore oil producer and a leader in Australian shale and basin centred gas exploration. Mr Davis said Reg Nelson had led Beach Energy for nearly 25 years. "In that time (he) has transformed Beach from a company on the brink of liquidation to a $1.4 billion ASX top 100 company," Mr Davis said. Reg is truly a legend of the oil and gas industry, and is frequently sought after for his knowledge, advice and expertise. I know I speak on behalf of the Board and all staff at Beach when I say that Reg will be greatly missed.