(Alliance News) - Woodbois Ltd on Friday said its chief executive officer has resigned immediately, as it integrates the roles of CEO and chair.
The Africa-focused forestry, timber trading and afforestation company said outgoing CEO David Rothschild will continue to provide advisory support for the company "when requested for the coming few months".
Executive Chair Guido Theuns has been appointed CEO as well.
Woodbois said it is integrating the two roles as part of a broader restructuring strategy.
"This adjustment aims to foster a more cohesive leadership approach, thereby enhancing decision-making processes and improving operational efficiency," the company said.
Woodbois will organise itself around distinct profit centres, which it described as a "structural refinement [that] empowers each profit centre management by facilitating a focused approach to financial management and accountability".
The profit centres are the Sawmill division, the Veneer Factory division, the Trading department, and the Carbon Credits Projects division.
"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," Woodbois said.
"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."
Shares in Woodbois were down 2.6% to 0.93 pence each in London on Friday morning.
By Greg Rosenvinge, Alliance News senior reporter
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Woodbois (WBI)