FAR Ltd (ASX:FAR) has called on independent chairman Patrick O’Connor to oversee the business following the termination of Catherine Norman from her role as managing director and her resignation as a director of the company
O’Connor will be vital to the independent, Africa focused, oil and gas exploration company during this time of transition, with his three decades of board and senior management experience across multiple industries including mining and oil and gas exploration likely to prove invaluable.
He will manage the corporate activities of FAR as it continues to progress its strategy to unlock shareholder value.
Norman will also be available during her 12-month notice period to assist with any transitional matters as required, in accordance with her employment contract.
Shares higher
FAR shares have been as much as 18.6% higher intraday to $0.83.
“The time has now come for a fresh perspective to ensure the company explores every opportunity to realise value for shareholders. On behalf of the board I’d like to thank Catherine for her significant contribution to the company,” O’Connor said.
“The board will update shareholders shortly on its strategy that seeks to reflect the underlying asset value in the FAR share price.”
The news comes just a week after FAR appointed Dr Alan Stein as a non-executive director, increasing the company's oil and gas exploration and development expertise.
Read: FAR appoints veteran geologist as non-executive director at no extra cost