Petroceltic announced a number of changes to the Board of the Company with immediate effect. The Board appointed Don Wolcott and Joe Mach as non-executive directors. Wolcott and Mach were recommended as directors pursuant to an agreement between the company and Worldview Capital Management (Worldview), a 20.04% shareholder in the company. Wolcott will also join the Audit and Nominations Committees and Mach will join the Remuneration Committee.
As part of the agreement with Worldview, the Petroceltic Board has been reduced from nine to seven members, and Hugh McCutcheon and Dr Robert Arnott have resigned as non-executive directors. In addition, David Thomas and Tom Hickey have stepped down from the Board, but will continue to hold their executive roles in the company.
