LONDON (Alliance News) - TomCo Energy PLC on Wednesday said it has appointed Christopher Brown as chief executive officer.
Brown was previously the founder and managing director of London Mining PLC. He is also the life tenant and settlor of the BBCK Family Trust in Jersey, and therefore an indirect beneficiary of Kenglo One Ltd. Kenglo One is TomCo's largest shareholder with a 24% interest.
TomCo said Brown has elected to receive "a modest salary" and no bonuses, which should help reduce the company's overheads.
"The results of this announcement, combined with the other changes to the board made within this past year create a significant reduction in the company's overheads. In relation to salaries and emoluments, the board predicts that these savings will be in the order of 65% on an annualised basis," Chairman Andrew Jones said in a statement.
TomCo added that Executive Director Miikka Haromo has stepped down from the board and will terminate his consultancy agreement with the company in three months.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Tomco Energy (TOM)