13th Oct 2014 08:45
LONDON (Alliance News) - New World Oil and Gas PLC Monday said it has decided to split the roles of chairman and chief executive following the resignation of William Kelleher, who previously held both jobs.
Kelleher, one of the founders of the company, has resigned, but will serve as a technical advisor and consultant to the New World board for the next six months through his consultancy firm Hydrocarbon Technologies Ltd, the company said in a statement.
Following Kelleher's resignation, the company will split the role of chairman and chief executive. Christopher Einchcomb, a non-executive director, will become the new non-executive chairman and Peter Sztyk, an executive director, will become the chief executive of New World.
"The board of New World remains committed to securing the future of the company and maximizing the value to shareholders and believes the actions taken above are important steps to achieving this," said new Chairman Einchcomb.
The company is continuing to focus on reducing its running costs and has decided to reduce the salaries of all executive and non-executive directors and the consultancy fee for Kelleher's consulting firm Hydrocarbon Technologies, by 50% effective from the beginning of November, it said in the same statement.
Additionally, New World said 50% of future directors wages and consultancy fees will be used to repay outstanding loans totalling USD742,717 owed by the Directors to the company. The loans were due on September 30, and have now been extended on an on-demand basis, New World said in the same statement.
New World shares were trading flat Monday morning at 0.300 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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