Blue Energy announced that the Chairman, Mr Peter Cockcroft, has advised the Board that due to personal circumstances he is standing down as Chairman and will retire from the Board effective 31 December 2012.
Mr Cockcroft had flagged his upcoming retirement at the 2011 Annual General Meeting and along with the rest of the Board was working towards this over the past year. Peter is the longest serving member of the current Board and has officiated as Director, Executive Chairman and more recently non-executive Chairman during his 4 years of service with Blue Energy.
The Company is currently undertaking a process to find a suitable replacement for Mr Cockcroft as Chairman, and an announcement on his successor will be made in due course.
In the meantime Mr John Ellice-Flint will act as interim Chairman of the Board and Mr Rodney Cameron has been appointed Deputy Chairman.
The Board has also been advised that Dr Paul Massarotto has elected to retire from his position as Non-Executive Director of Blue Energy effective as of the close of the Company’s 2012 Annual General Meeting to be held on 15 November 2012. The Board wishes to acknowledge the significant contribution and service of Dr Massarotto, who has been a Director of Blue Energy since February 2009 and has also served as a member of the Audit and Risk Committee and as Deputy Chairman. Dr Massarotto’s extensive subsurface experience in the CSG sector has also been most valuable to the company.
Over recent months, Blue Energy has undertaken a thorough process to identify areas of cost saving throughout the company. As a result of this process, Directors have decided that the size and cost of the current Board was not commensurate with the Company’s present size. As such KOGAS has notified the Company that it will waive all Director fees relating to its nominee Director.
LNG World News Staff, October 10, 2012