Corcel plc chief executive officer and director James Parsons will step down as part of the company’s planned transition from metals and minerals to oil and gas.
Mr Parsons, who became CEO on 14 June when he received 12.4 million shares in part payment of wages, remains with the company in an advisory role during his notice period.
Antoine Karam will be interim executive chairman while Corcel reviews its board composition.
“I would like to thank James for his contribution in delivering the next phase in Corcel’s journey and I look forward to continuing to work with him over the coming months as he provides support to the board in delivering the Angola strategy,” said Mr Karam.