Two directors have resigned from the board of junior explorer Petroceltic International in the wake of the failure of an activist investor to remove Chief Executive Brian O'Cathain at the end of February.
Monday saw Petroceltic issue a statement in which it said that Don Wolcott and Joe Mach had tendered their resignations following the decision of the company's shareholders to back O'Cathain in a recent vote.
On February 25, more than three-fifths of shareholders supported keeping O'Cathain in place at an extraordinary general meeting in Dublin after Worldview Capital – a significant shareholder in Petroceltic – had challenged his leadership of the firm. Worldview had been seeking to oust O'Cathain after what it described as a series of strategic and corporate governance failures during 2014 – an allegation that Petroceltic strongly rejected.
Petroceltic Chairman Robert Adair commented Monday:
"On behalf of Petroceltic, I would like to thank Don Wolcott and Joe Mach for their active contributions to the board, and for their continuing support and good wishes for the company. We wish them well in their future endeavours."
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