Nido Petroleum Limited, an Australian oil and gas company with focus on southeast Asia, has confirmed that Phil Byrne is no longer the Managing Director at the company and that Nido now has a shortlist of candidates for this role.
Nido previously informed of Byrne’s resignation on March 12, 2015.
According to the company, a short list of candidates for filling the vacant position has been identified, and Nido’s Chairman William Bloking will assume the role of Executive Chairman until a new Managing Director is appointed.
Bloking will be engaged pursuant to a consultancy services agreement and will receive the same fixed annual remuneration on a pro-rated basis as that which Phil Byrne received prior to his resignation. The company reveals that Byrne’s fixed annual remuneration was $560,000 inclusive of superannuation, while Willaim Bloking has agreed to waive his Director’s fees during his role of Executive Chairman.
Commenting on the transition, William Bloking stated: “We wish Phil all the best in his future endeavours and remain confident we will appoint the right person to lead the Company’s development into a significant, sustainable South East Asian mid-tier oil producer.”