Indian power plant operator OPG Power Ventures Plc. (LON:OPG) has told investors that its non-executive director Munish C Gupta is to retire from his position.
Gupta – who oversaw the company’s admission to AIM back in 2008 – will step down after the next shareholder meeting in October.
Current chief executive and majority shareholder Arvind Gupta will assume the role of executive director when Munish Gupta steps down.
"We have, with regret, accepted Mr M C Gupta's decision to step down from the board as chairman,” said chief executive Arvind Gupta.
“We will miss his wise counsel and leadership which contributed in significant measure to the Company's growth and development over the last eight years…and wish him well for the future.”
On the same date, OPG will appoint business veteran Jeremy Beeton to its board as an independent non-executive director.
Beeton is currently a non-executive director at several firms, including Scottish energy giant SSE plc (LON:SSE).
He also sits on the board of PricewaterhouseCoopers LLP as an advisory member.
Between 2007 and 2012, Beeton was director general of the UK Government Olympic Executive, where he was responsible for supervising the delivery of the London games.
"I look forward to welcoming Jeremy to the board,” said Arvind Gupta.
“His experience of large listed companies operating and building assets in emerging markets will place us in good stead to achieve our vision of becoming a leader in India's power sector.”
Shares were down 3.3p, or 5%, 66.2p.