Scirocco Energy plc chief executive officer Tom Reynolds is resigning after shareholders earlier this week voted to sell the company’s interest in biogas and renewables.
STRATEGIC OPTIONS
Mr Reynolds stepped down as a director with immediate effect and will remain CEO until 12 July 2024 or an earlier date in agreement with the company.
The company said that the sale of its investment in Energy Acquisitions Group Ltd (EAG), the company’s sole material investment, resulted in less active management resource of its portfolio.
Mr Reynold’s decision to step down will also help Scirocco’s efforts to preserve cash.
As the only executive, he will also support the company as it considers “a range of strategic options” including distribution of available cash, further investments and/or using the sale proceeds for a reverse takeover.
Non-executive chairman Alastair Ferguson said: “Tom’s decision to resign from his role as a director aligns with Scirocco’s efforts to husband the cash it has received, or expects to shortly receive, from the recent divestments.
“Tom is a high quality CEO who has steered Scirocco through material changes, both within the company and in terms of the industry backdrop, and the timing of his signalled departure is appropriate given the current status of Scirocco.
“On behalf of the board, I’d like to thank Tom for his tireless efforts since taking on the role and we appreciate his commitment to ensure an orderly handover of responsibilities while the company assesses its next move.”
Remaining management also includes non-executive director Matt Bower and independent NED Niall Roberts.