INFA.L Share News (INFA)

(Sharecast News) - Natural gas storage capacity developer InfraStrata announced a change of chief executive officer on Thursday, as part of a restructuring of its executive team, which the board said would put the company in "good stead" as it progressed through to the end of front-end engineering and design (FEED) through final investment decision (FID) and into the construction phase.The AIM-traded firm said current CEO Adrian Pocock was relinquishing his position to John Wood, currently chief operating officer, effective on Thursday.Pocock would remain an executive director, undertaking business development activities, and would effect an orderly handover to Wood until 31 October.Thereafter, it was intended that Pocock would become a non-executive director.InfraStrata said its new executive team would therefore be John Wood and Andy Duncan, the chief financial officer.That team had been driving the FEED programme and commercialisation of the Islandmagee gas storage project in recent months, and was "fully committed" to completing FEED and ensuring current negotiations with potential offtake partners reached a successful conclusion, the board explained in its statement."Having been involved with the Islandmagee project for some time now, I am thrilled to have been offered the chance to lead InfraStrata through the next exciting phase of its journey," said John Wood."It has been my pleasure working with Adrian and I appreciate his continued support as we transition."Adrian Pocock added that it had been a "privilege" to lead InfraStrata since June last year."I am very pleased that Graham and I have managed to appoint a highly-qualified board and executives to take the Islandmagee project through to completion and monetisation," Pocock said."I look forward to an ongoing involvement in the success of the company."