Petroceltic downsizes board to satisfy shareholder

Friday 04 July 2014 15.30
Petroceltic announces boardroom reshuffle
Petroceltic announces boardroom reshuffle

Exploration company Petroceltic has reduced its board by two members to seven and appointed two new non-executive directors nominated by major shareholder Worldview Capital Management.

The changes meet Worldview's demands to reshuffle the board after the company, which owns 20% of Petroceltic, had blocked a $100m share placement. 

The reshuffle has created an unusual situation where chief financial officer Tom Hickey and chief operating officer David Thomas have stepped down from the board but retain their day-to-day roles. 

The Switzerland-based hedge fund chose two former RusPetro directors to join the board, ex-chief executive Don Wolcott and former non-executive director Joe Mach. 

"We welcome Don Wolcott and Joe Mach to the board of Petroceltic and look forward to working with them over the coming years," said Robert Adair, the company's chairman.