LONDON (Alliance News) - Fortune Oil PLC Wednesday said Chief Executive Tee Kiam Poon will step down at the end of the year.
In a statement, the company said Poon had confirmed that he hadn't had a disagreement with the board and there's no reason for his departure that needs to be brought to the attention of shareholders.
It said it is currently mulling the future structure of its management in the wake of a deal to raise its stake in a Chinese gas joint venture. It said it will appoint a new CEO once it has decided what the new management structure will be.
Fortune Oil shares were down 0.2% at 9.5 pence Wednesday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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