Linc Energy Ltd announced Wednesday that the Company’s long time CEO and Managing Director, Peter Bond, will be transitioning to the role of executive chairman of the Board. In his place, Craig Ricato has been chosen to lead the SGX and OTCQX listed company in the role of CEO and managing director, with Michael Mapp as chief operating officer.
Craig Ricato commenced with Linc Energy in 2008 as general counsel & company secretary and in 2010, was promoted to the Company’s Board, as executive director and has been a member of the Board since that time.
Peter Bond welcomed Ricato to the role, stating “I have every confidence that Craig can provide the management and leadership necessary to take this Company to the next state of its development. While a number of candidates were considered, a major determining factor for Craig’s appointment was the Board’s desire to appoint someone who not only had the experience required for this role, but also someone who knows the business and its history very well and understands the immense opportunities that are available to us; particularly our significant prospective shale oil resource in the Arckaringa Basin (surrounding Coober Pedy) in South Australia and the enormous commercial potential of our proprietary Underground Coal Gasification technology, which is currently growing into some exciting commercial avenues.”
“The demands of the last 10 years has required a tremendous sacrifice from both my family and me, so I am looking forward to now performing more of a strategic management role on my journey with Linc Energy.”
Bond continued, “After 10 years in the role of CEO and managing director and growing Linc Energy into the global business that it is today I believe it is now time to hand the day to day workload over to someone who will continue the journey and drive Linc Energy onto its next stage of growth. In my role as executive chairman I will still be involved in the executive management of the business, however my new role will allow me greater time to focus on key strategic developments and Investor Relations.”
Ricato acknowledged Bond’s entrepreneurial style leadership, “Linc Energy has grown from a small business with just four employees when Peter purchased the company in 2004, into a publicly-listed global company with a highly skilled workforce and significant resource assets, including unique intellectual property platform and projects throughout the Asia Pacific, Europe, Africa and North America. I look forward to building on this dynamic base and taking Linc Energy on the next stage of its growth.”
The Company’s outgoing Chairman, Ken Dark, will remain on the Board as a non-executive director. Dark has been a strong advocate of Bond transitioning into the role of executive chairman and believes the new management structure will serve the Company and its shareholders extraordinarily well over the coming years.
These Executive and Board changes are effective immediately.
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