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Boardroom reshuffle at AFC Energy

John Rennocks, Richard Tuffill and Lisa Jordan are the new faces joining the board, while Eugene Shivdler is stepping down
board room
AFC said the appointments strengthen the board as it progresses towards commercialisation

Industrial fuel cell power group AFC Energy plc (LON:AFC) has reshuffled its boardroom, with three new faces taking a seat at the table.

John Rennocks, who has held senior positions at various blue chip companies including Smith & Nephew PLC (LON:SN.) and Inmarsat Plc (LON:ISAT), has joined as non-executive chairman.

He replaces Tim Yeo who will remain on the board as a non-executive director.

There’s also a promotion for chief financial officer Richard Tuffill, who will now take a seat on the board after joining AFC at the end of 2016.

Lisa Jordan – a representative of Ervington Investments which has been one of the company’s main backers since 2012 – will be the other new face joining the rest at the table.

She has a “strong background” in the industrial gases sector AFC said, and replaces Ervington’s current representative Eugene Shivdler who has stepped down with immediate effect.

Ervington has the right to appoint up to two non-executive directors for as long as it holds a 10% or greater stake in the AIM-listed firm.

AFC told investors that the appointments strengthen the board of directors as it progresses towards commercialisation.

“I am delighted to welcome three new highly experienced and well respected directors to the Board of AFC Energy at this crucial time,” said chief executive Adam Bond.

Shares added 2% to trade at 11.2p.

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