Australia's ROC Oil Company announced Friday that Andrew Love will retire as Chairman in December 2013. Love will be succeeded by Mike Harding who joined the ROC Board as a non executive director in June 2012.
Love was appointed a founding director of ROC in February 1997 and has been Chairman since its Australian Securities Exchange (ASX) listing in 1999. Love has seen the Company evolve its strategy from undertaking exploration, development and operational activities across the globe to a strategy focussed on growth in South East Asia, China and Australia.
Love said "ROC has an exceptional team, Alan Linn is an outstanding CEO and the management team is focused on growth and increasing shareholder value. ROC has built a profitable platform to grow its strategy and has the capacity to fund these growth initiatives.
I have overseen a Board renewal process and as the culmination of this renewal I feel it is the right time to hand over the leadership to someone new to see ROC through this exciting next phase. I will step down as Chairman in December 2013 and I am delighted to announce that Mike Harding has agreed to accept the appointment as Chairman from this time. Mike is currently the Chairman of Downer EDI Limited and is a non executive director of Santos Limited and Transpacific Industries Group Ltd. Mike brings a wealth of industry experience to the role having been an international executive with BP and is well acquainted with the issues facing small and large oil companies globally. Currently, Mike chairs the ROC Remuneration Committee and is a member of the Nomination Committee, Audit and Risk Committee and Health, Safety and Environment Committee.
I would like to take this opportunity to thank the Board, management and employees of ROC as well as ROC shareholders for their support during my time as Chairman."
Incoming Chairman Mike Harding said "Andrew has been an outstanding Chairman for over 14 years. In this time the Company has experienced some challenging times and Andrew's leadership and experience were invaluable, the Board wishes him the very best for his retirement.
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