Challenger Energy Group PLC (AIM:CEG, OTC:BSHPF) said Timothy Eastmond has resigned as a director and chief financial officer of the company for personal reasons.
His resignation will take effect immediately and Challenger’s chief commercial officer, Gagan Khurana, will become acting CFO until a suitable permanent replacement is found, the oil and gas company said in a statement.
It noted that Khurana already possesses a deep knowledge of the company's assets and commercial/financial functions, and has over 20 years of relevant work experience.
Khurana will not join the board of the company, it added.
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"We wish Tim well in his future endeavours, and we thank him for his service in his time at Challenger,” said Iain McKendrick, chairman of Challenger Energy.
“We are pleased to have someone of Gagan's caliber on staff who can capably step into the CFO role on an acting basis. His primary task in this role, while we work on recruiting a permanent replacement, will be to ensure a smooth process in relation to the finalisation of the company's ongoing group audit and annual reporting process - as advised by RNS on 14 June 2022, this timeline for completion of this work is the end of September 2022."
Challenged said Eastmond’s 160mln share options in the company will lapse on cessation of his employment.