14th Apr 2015 08:05
LONDON (Alliance News) - Gulfsands Petroleum PLC Tuesday has appointed a new executive chairman and has removed its chief executive from his role, though he will remain with the company as a director.
Gulfsands said Alastair Beardsall has been appointed as its executive chairman with immediate effect. He is currently the chairman of Sterling Energy PLC. Gulfsands didn't say whether or not Beardsall is leaving fellow AIM-listed Sterling.
Mahdi Sajjad has been removed from his position as chief executive officer upon Beardsall's appointment, but will remain with the company as a director.
Sajjad had survived an attempt by Waterford Finance and Investment Ltd, Gulfsands' biggest shareholder, to remove him in February.
Shares in Gulfsands shares were untraded Tuesday, having last traded at 22.50 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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