Rialto Energy Ltd. announced Mr. Robert Shepherd, who has been Interim CEO since Nov. 26, 2012, has been appointed to the full-time position of managing director, based in London.
Further to the appointment of Mr. Shepherd, Rialto announces that Mr. Bruce Burrows has advised the Company of his intention to retire from Board during the course of March 2013 due to increasing time commitments elsewhere.
Commenting on today's announcements Chairman Mr. Bruce Burrows said:
"The Board is very pleased to welcome Mr. Shepherd to the Company in a full-time capacity. His appointment comes after an extensive international executive search in which we canvassed many excellent candidates. Mr. Shepherd's commitment and enthusiasm in his interim role has led to his appointment and the Board believes he and the rest of the Rialto team are well equipped to continue advancing the Company.
"I would also take this opportunity to advise that I will be retiring from the Board of the Company during March 2013 when it is intended that Mr. Andrew Bartlett will assume the role of Chairman. This decision comes at a time when the Company has gone through a process of rejuvenation and strengthening in terms of Board and Management. I have enjoyed my time with Rialto immensely and will leave the Board knowing the Company is well placed to move forward with its future endeavors."
Newly appointed Managing Director Rob Shepherd commented:
"I am very pleased that the Board has decided to appoint me to the post of Managing Director. Whilst the Company has been through a difficult 2012, Rialto has a great team and excellent assets and I will do all that I can to ensure that both existing and future shareholders can focus on a potentially highly rewarding 2013 and beyond."
Mr. Shepherd's base salary will be $402,509 (GBP 265,000) per annum along with incentive bonuses to be determined by the Board including, subject to shareholder approval, participation in Rialto's Employee Performance Rights Plan.
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