(Alliance News) - Hardy Oil & Gas PLC said Monday that Chief Executive Officer Ian MacKenzie stood down and Richard Galvin became executive director of the firm with effect from last Friday.
Shares in Hardy Oil & Gas were 10% lower at 5.70 pence in London on Monday.
Galvin was "instrumental" in the sale of Hardy Exploration & Production (India) Inc for USD8.8 million earlier in October. He has previously worked in a number of management and executive roles across the commercial and financial industry.
McKenzie has agreed his employment terminated after the successful sale of substantially all of the assets of Hardy Oil & Gas effectively constituted a change of control under his employment terms.
"We are delighted that Mr Galvin has agreed to join the board and lead the strategic review seeking to identify an appropriate investment opportunity," Hardy Chair Alasdair Locke said.
"I would like to take this opportunity to express the board's gratitude for the determined efforts of Mr Mackenzie who throughout challenging circumstances demonstrated resolve to implement our agreed strategies and conducted himself always in the best interests of shareholders," Locke added. "The board wish him all the best in his future endeavours."
By Ahren Lester; ahrenlester@alliancenews.com
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