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19 Jun 2015 07:02
19 June 2015
Rurelec PLC
("Rurelec" or "the Company")
CEO Peter Earl to Step Down
The Directors of Rurelec PLC (AIM: RUR), the owner, operator and developer of power generation capacity internationally, announce the resignation of its CEO, Peter Earl. Andrew Morris has been appointed as his successor. Partnership discussions at the corporate level, which are currently taking place may lead to the appointment of new directors to strengthen the executive team, including a Finance Director in due course.
Speaking today, Peter Earl said: "I am honoured to have served as Group CEO since the creation of Rurelec in 2004. The last five years have been a bruising time for Rurelec and its shareholders. The time is now right for a new CEO to lead the Company onto an expansion footing in partnership with others in the power industry."
Commenting on the resignation, Colin Emson, Chairman of Rurelec, said: "I thank Peter for his hard work as CEO and particularly for the long hours he expended on trying to achieve compensation for shareholders after the 2010 nationalisation of Rurelec's Bolivian power plants. The damaging results of that nationalisation have taken their toll on the Company and its management alike. Now is the time to put the dark past behind us and look to building new partnerships for the future and create value for all shareholders."
For further information please contact:
Rurelec PLC | W H Ireland | CNC Communications |
Andrew Morris, Director | Paul Shackleton and James Bavister | Ana Ribeiro Director |
Tel: 020 7793 5600 | Tel: 020 7220 1666 | Tel: 020 3219 8818 |
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