TomCo Energy announces board changes as chairman steps down

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TomCo Energy plc (LON:TOM) shares rose on Monday as the company announced a number of boardroom changes.

The group said its non-executive chairman Stephen West has expressed his intention to step-down from the board due to the increasing time commitment required as TomCo seeks to move to the next stage of its development.

West has now left the board with immediate effect, the company said. Malcolm Groat, previously non-executive director, has been appointed as the new chairman.

Similarly, non-executive director Alexander Benger has also stepped down from the board.

At the same time, the company has announced the appointment of Robert Kirchner and Richard Horsman as non-executive directors of the company.

“As TomCo moves to its next stage of development, in particular progressing the work of the company’s Greenfield Energy joint venture, I am very pleased to welcome Robert Kirchner and Richard Horsman to the board,” said TomCo chief executive John Potter in a statement.

“Robert is a very experienced oil industry executive whose skills and experience, particularly in relation to the exploitation of new technologies, will be invaluable as we move forward.  Richard brings significant public company experience to the Board, coupled with an important sales and marketing focus.

“With the reorganised board, I am confident that TomCo has the right individuals in place to ensure that we can appropriately progress the commercialisation of the exciting opportunities we have.”

In London, TomCo shares started the week positively rising 18.8% to 0.61p per share.

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