Oil mining company TomCo Energy plc has appointed Christopher Brown as its new chief executive officer.
As part of his new role, Brown has showcased his “continuing support” in the company by opting to choose to receive a “modest salary and no bonuses”, according to a TomCo statement.
Brown founded London Mining PLC, which under his direction between April 2005 and February 2009, acquired an iron ore mine in Brazil in 2007 for circa $65million, which was subsequently sold a year later for circa $810 million. Brown is also the life tenant and settlor of the BBCK Family Trust in Jersey, and therefore an indirect beneficiary of Kenglo One Ltd, a Jersey-based company that is the largest shareholder of TomCo with a 23.8 percent interest.
TomCo Chairman Andrew Jones commented in a company statement:
"The results of this announcement, combined with the other changes to the board made within this past year, create a significant reduction in the company's overheads. In relation to salaries and emoluments, the board predicts that these savings will be in the order of 65 percent on an annualized basis".
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