CAMAC Waves Goodbye to CEO
CAMAC announced that Chief Executive Officer and President, Byron A. Dunn, has decided with the Board of Directors to resign his positions with the Company, effective immediately.
The Board has appointed current Company Chairman Kase Lawal as CEO. Dr. Lawal has served as the non-executive Chairman of the Company since the Company’s April 2010 acquisition of the Oyo Oilfield interest located offshore Nigeria. Dr. Lawal will serve as CEO for no compensation. Effective April 11, 2011, Dr. Lawal resigned from all executive officer positions with CAMAC International Corporation and its affiliated companies, including Allied Energy Plc, in order to focus on his new role as Chief Executive Officer of CAMAC Energy.
A Search Committee of the Board of Directors has been created, consisting of Dr. Lee P. Brown, John Hofmeister, and Hazel O’Leary, which will establish criteria, capabilities and experience, as well as oversee the process for the identification and selection of, a new CEO and President. Dr. Lawal will serve as CEO until the selection process is complete.