Arrow Energy has made a number of board and senior executive changes as it begins short-term changes and long-term transition plans.
Retiring chairman John Reynolds will be replaced by current CEO and managing director, Nick Davies in September.
Mr Reynolds has been a chairman for seven years, firstly with CH4 Gas Limited and then with Arrow Energy since 2006. He has steered the company through significant growth – from $250 million market capitalisation and 70 staff immediately after the 2006 merger to $3 billion market capitalisation and 500 staff today.
Mr Davies has led the company from its pre-production phase in January 2004 and has seen it grow into one of Australia’s top 100 companies.
Arrow’s Australian business CEO, Shaun Scott will succeed Nick Davies. Dr Ralph Craven will be appointed as deputy chairman, Steve Walker will become a non-executive director while director Dr Paul Elkington has retired. Simon Potter will take on the role of CEO and managing director for the Arrow Energy (90 per cent) and Shell (10 per cent) owned subsidiary Arrow Energy International from April.
Arrow will transition from an early production and appraisal focus to a major project implementation focus in 2010. The board believes it critical to have a “clear and transparent succession plan in place which accounts for both the management and governance needs of stakeholders and the personal requirements of directors and officers”.
In February, Arrow Energy reached agreement with Liquefied Natural Gas to acquire the entire Fisherman’s Landing Liquefied Natural Gas (LNG) plant and associated infrastructure through the acquisition of LNG subsidiary Gladstone LNG.
The agreement is subject to the completion of confirmatory due diligence by Arrow and LNG gaining shareholder approval for the transaction at a meeting expected to be held within the next 45 days.
Arrow will now focus on full integration of the design and construction plans for the Fisherman’s Landing LNG facility into its overall plans.
“Initial site works have already commenced at Fisherman’s Landing and project design and planning is well advanced,” Mr Davies said.