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Lekoil announces board shake-up as recently-appointed chairman Michael Ajukwu resigns
StockMarketWire.com
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Oil and gas exploration and production company Lekoil announced that chairman Michael Ajukwu has made the decision to step down, while non-executive director Mark Simmonds has brought forward his resignation.
Ajukwu, who assumed the position of chairman of the board in January 2021, has resigned with effect from 21 April 2021, with Anthony Hawkins to act as interim chairman until a new chairman is appointed by the board of directors.
In announcing his resignation, Ajukwu noted that the existing governance regime applying to the company and its group, in place since its admission to AIM, has been reviewed with a view to enhancing governance and oversight.
Lekoil said: 'In his view, this was not currently possible due to a fundamental misalignment of objectives amongst the shareholders of Lekoil Nigeria Limited. He believes that the board will be well served by the new directors with the skills required to address these issues.'
Simmonds, who was due to stand down from the board at the company's next annual general meeting, has stepped down with effect from 21 April 2021.
Hawkins said: 'I'd like to thank both Mr Ajukwu and Mr Simmonds for their valuable contributions to the workings of the board in the last year, each of them having served as chairman of the company during a period of change and in, at times, some difficult circumstances.
'The board welcomes two new non-executive directors, Mr Tindall and Dr. D'Attanasio, whom I believe will bring with them the necessary skills and experience to address the issues identified by Mr Ajukwu and to assist the board in taking the steps necessary to create value for the company's stakeholders.'
At 2:47pm: (LON:LEK) Lekoil share price was 0p at 2.25p
Story provided by StockMarketWire.com
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