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(Sharecast News) - Timber specialist Woodbois announced a significant leadership transition on Friday, as well as a fundamental restructuring initiative, in a bid to enhance operational efficiency.
The AIM-traded firm said chief executive officer David Rothschild was stepping down from his role and as a director, effective immediately.
However, it said he would continue to offer advisory support to the company, as needed, over the coming months.
At the same time, executive chair Guido Theuns was appointed as Woodbois' new CEO.
The board said the transition included the integration of the CEO and executive chair roles, forming part of a broader restructuring strategy aimed at fostering a more cohesive leadership approach, improving decision-making processes, and enhancing operational efficiency.
Additionally, Woodbois said it was actively seeking to appoint an additional Independent non-executive director to strengthen its board.
Woodbois also announced that it was reinforcing the reporting and competitive capital allocations to its distinct profit centres.
The board said the structural refinement would empower the management of each profit centre, by facilitating a focussed approach to financial management and accountability.
Woodbois' identified profit centres included the sawmill division, responsible for wood processing and lumber production; the veneer factory division, focused on manufacturing and distributing veneer products; the trading department, engaged in trading Woodbois and third-party timber and related commodities; and the carbon credits projects division, dedicated to the development and management of carbon offset initiatives.
"This reinforced divisional structure enables Woodbois to administer the financial parameters of each profit centre independently, contributing to the overall success and sustainability of the company," the Woodbois board said in its statement.
"Woodbois maintains its unwavering commitment to delivering value to stakeholders and firmly believes that these strategic changes will position the company for long-term success in a dynamic and competitive market."
At 1331 GMT, shares in Woodbois were down 10.79% at 0.85p.
Reporting by Josh White for Sharecast.com.
