LONDON (Alliance News) - Quadrise Fuels International PLC said Friday it has entered into a consultancy agreement with its former Executive Chairman Ian Williams to provide advice to the board and "aid the effective transition of the executive chairman role over the short term".
The company, which is focused on its alternative to fuel oil, MSAR, said under the consultancy agreement Williams is to receive AUD10,000 for an initial four days of service, after which he will be paid AUD3,500 per day for a maximum of a further five days. The agreement is to expire on June 30 unless extended by both parties.
Quadrise said during this three month period from April 1, Williams will will be available to provide general and strategic advice to the executive chairman and other members of the board to aid the transition of his duties.
Williams announced his retirement on February 2 and left the board on March 31. Mike Kirk was appointed to succeed Williams with effect from April 1.
"Whilst Ian's retirement and my appointment as executive chairman has been a carefully managed process, I am grateful to Ian for agreeing to remain on hand up to the end of June 2016. This is a flexible arrangement for both parties and allows the board to call on Ian's wealth of experience should the need arise," said Executive Chairman Mike Kirk.
Quadrise posted interim results last week in which it said it believes it has sufficient funding to keep going until it begins generating revenue in 2017.
Shares in Quadrise were down 3.9% at 11.78 pence on Friday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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