Predator Oil & Gas Holdings PLC (LSE:PRD) has announced a reorganisation of its leadership, with executive chair Paul Griffiths now becoming chief executive.
It comes as Lonny Baumgardner is leaving the company due to a change of personal circumstances. He is stepping down from his position as managing director.
The MD role will now be removed from the management structure, with the company pocketing the associated cost savings.
"I am pleased to be taking on the role of CEO and look forward to welcoming an independent non-executive chair to the board in the near time,” Griffiths said in a statement.
“I would like to thank Lonny for his years of service as Managing Director and we wish him well for the future. At the same time, work continues apace on the portfolio, with our activities fully funded."
Predator, meanwhile, noted that it expects that testing and evaluation of the wells in Morocco continues and all the elements of the testing programme will continue during the fourth quarter.
In London, Predator shares were down 16% in Monday’s early deals changing hands at 7.86p each.