Scirocco Energy PLC (AIM:SCIR) chief executive Tom Reynolds is standing down from his position, exiting the company in July at the latest and leaving the board immediately.
It follows shareholder approval for the company’s divestment of its stake in EAG, being the company’s sole material investment, at this week's general meeting.
Going forward, the company expects it will require less active management resource of its portfolio and Reynold’s decision to step down from the role will support Scirocco's efforts to preserve cash, the company 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,” chair Alastair Ferguson said in a statement.
“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."