A change in direction looks on the cards at stem cells group Widecells PLC (LON:WDC) with the appointment of David Sefton as executive chairman.
Sefton currently is executive chairman at oil explorer Anglo African Oil & Gas PLC (LON:AAOG).
READ: WideCells to save £400,000 a year from streamlining WideAcademy division
Richard Thompson has also been appointed as a non-executive director to help Sefton sort out potential future strategies and acquisitions for Widecells.
Sefton has an option to acquire up to 29.9% through a company he controls.
Joao Andrade and Jeremy Lea have stepped down as respectively Widecells’ chief executive and chief operating officer.
Lea will become CEO of Widecells International, which will carry out the existing the stem cell services, and be supported by Andrade.
Chairman Peter Presland is staying on as a non-exec director.
Originally a barrister, Sefton has been working in private equity and the oil business for a number of years.
Anglo African recently made a discovery at the TLP-103C well on the Tilapia licence in the Republic of the Congo with production expected to start in April.
Widecells shares rose 12% to 0.23p.