Chairman and chief executive officer of Cluff Natural Resources (CLNR), a London-based natural resources investment company, has decided to step down from the CEO position.
CLNR said on Monday that the company’s founder, chairman, and CEO Algy Cluff would step down as the CEO but would remain as the chairman of the company to allow him to commit time to other interests.
Graham Swindells, the current finance director, will succeed Cluff in the capacity of CEO. The company added it intended to make an appointment to fill the finance role in due course, but this was not expected to entail a board appointment.
According to the company, in the role of chairman, Algy Cluff will continue to be actively involved in supporting the on-going development of the business and, as a significant shareholder, remains fully committed to the company.
All of the changes in board roles will take effect from February 28, 2018.
Cluff said: “I have committed myself to our company since its inception, but I am now at the stage where I wish to step back from my full-time role to allow me to commit time to other interests, including the launch of a new charity.
“I have had the good fortune to be the primus inter pares with two excellent colleagues, either of whom could succeed me. We have collectively agreed that that colleague should be Graham Swindells, thereby allowing Andrew Nunn to concentrate exclusively on our North Sea objectives. I look forward to continuing to work with the team and support the development of the company as chairman.”
Graham Swindells added: “On behalf of the board I wish to express our utmost appreciation to Algy for his tireless commitment as CEO of the company. I am excited about the prospect of building on the foundations laid by Algy and continuing to develop the business with the benefit of his ongoing support.
“Our existing oil and gas assets are highly prospective, and with additional license awards anticipated when the UK’s 30th Licencing Round is announced in Q2 2018, we are well positioned to develop a diversified portfolio of exploration assets from which to create value for our shareholders.”
In 1972 Algy Cluff formed CCP North Sea Associates to bid for North Sea oil licences in the UK sector and subsequently Cluff Oil Ltd, which acted as the management company for CCP. CCP discovered the Buchan Field, the 14th commercial oil field in the UK North Sea, in 1975. He then founded and became chairman of Cluff Resources.