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Rose Petroleum changes will create a “well-balanced, diversified and experienced board”, says CEO

Colin Harrington is moving to the role of chief executive, a new chairman has been named while an oil industry veteran has been drafted in to become the senior independent director

Rose Petroleum PLC -

It’s all change at Rose Petroleum PLC (LON:ROSE) after a series of moves designed to create a “well-balanced, diversified and experienced board”.

Chairman Colin Harrington is moving to become chief executive, while independent director Rick Grant, appointed at the end of June, will step into Harrington’s role, but in a non-executive capacity.

Bolstering the oversight of the business, industry and capital markets veteran Gordon Stein is being drafted in as a non-exec.

He is currently chief financial officer of AIM-quoted Columbus Energy Resources PLC, and he previously served as CFO of Madagascar Oil, Cadogan Petroleum and Regal Petroleum. Stein will head Rose’s audit and remuneration committee.

Former boss Matthew Idiens has now stepped down from the board but will continue to assist the new team during a handover period.

CEO Harrington said: “My initial focus was to augment the company's board and management team. 

“I believe we now have a well-balanced, diversified and experienced board, one with the skill set required to help the company grow.

“Our next task is to implement our plans for growth and to ensure we have the operational team in place to deliver on our key objectives.  I look forward to providing updates on progress in the coming months."

Quick facts: Rose Petroleum PLC

Price: 1.25 GBX

AIM:ROSE
Market: AIM
Market Cap: £2.53 m
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