Heritage said Tony Buckingham had been named chief executive while Michael Hibberd was the new chairman. They replace Michael Gulbenkian, who had held both positions. Gulbenkian had been chief executive since 2003.
Buckingham, one of Heritage's founders, and Hibberd now serve as directors.
The company did not say why it had made the changes.
Heritage has exploration projects in Russia, Uganda, Oman and Iraq, Reuters reported.
