Business
Board changes and operational update
Board changes and operational update.
About this update from Cadogan Energy Solutions Plc
[{"type":"text","content":"\n \nRNS Number : 5249L Cadogan Petroleum PLC 02 August 2011 \n \n\n 2 August 2011\nCadogan Petroleum Plc (\"Cadogan\" or \"the Company\")\nBoard Changes & Operational Update\nThe Board has completed a review of the Cadogan Board structure and composition, with a view to putting in place a Board best suited to develop the Company, following the completion of the major transaction with Eni S.p.A. \nAs a result of this review, in order to manage the increased operational activity in Ukraine, Ian Baron becomes Chief Operating Officer, responsible for the Company's operations on all of its current licences and technical support on new business activities. Bertrand des Pallieres, currently a non-executive Director, becomes Chief Executive Officer, focussing on the strategic development of the business, in particular new acquisitions, key government relationships and industrial partnerships. These appointments take immediate effect. As a consequence of this Bertrand will over the next few months relinquish his day to day responsibility as CEO of SPQR Holdings SAE. Gordon Stein will remain as Chief Financial Officer.\nThe new Board structure will consist of an independent non-executive Chairman, two further independent non-executive Directors, a non-executive Director appointed by SPQR Holdings SAE, and three executive Directors. The Board is satisfied that this structure complies with the UK Corporate Governance Code.\nPhilip Dayer (acting non-executive Chairman) and Nick Hooke (independent non-executive Director) have tendered their resignations as non-executive directors, with immediate effect, as they believe that there should be more independent directors on the Board in view of SPQR Holding's substantial shareholding, despite the proposed structure complying with the Code. The Board would like to thank both Philip Dayer and Nick Hooke for their contributions to the Company since its IPO in 2008. \nMr Zev Furst has joined the Board as a non-executive Director and will act as interim Chairman and will lead the recruitment process for a permanent Chairman and further independent non-executive Directors. It is anticipated that these further appointments to the Board will be announced by the end of September 2011.\nMr Furst is a leading global business and communications strategist who has advised political leader...