15th Jan 2015 09:22
LONDON (Alliance News) - President Energy PLC Thursday said Chief Executive John Hamilton and Chief Operating Officer Richard Hubbard have both resigned from the company with immediate effect, but said they will both remain senior advisers to the company.
As a result, Executive Chairman Peter Levine will take up the additional role of chief executive, whilst current Commercial Director Miles Biggins will assume the role of chief operating officer.
"The directors stepping down have been integral to our success in building a strong operated business in Latin America, and I thank them for their continued support to the company," said Levine.
President said the management changes "reflect the company's transition to a more operationally focused business in 2015 and the lower oil price environment."
"We are taking the opportunity to create a more streamlined board structure, and to build our human capital closer to our operational bases," added Levine.
President will continue to work with a focussed board structure, the company said, and will concentrate its resources on senior operational staff in Latin America, where its core operations are located.
President shares were untraded at 12.75 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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