Max Switches CFOs
Central Asia-focused junior explorer Max Petroleum announced Monday a change in its chief financial officer.
Max said that, as part of cost reductions, current CFO Michael B. Young would step down as a director of the company on May 31. He will be replaced as CFO by Kevin Clark, the firm’s current chief accounting officer and company secretary.
The firm said that specific measures completed and expected to be completely shortly will result in ongoing cost reductions of approximately $4 million per year – a saving that will be in excess of 30 percent from Max’s total general and administrative costs during the fiscal year ended March 31, 2014.
Max executive co-chairmen Robert B. Holland and James A. Jeffs issued a joint statement that said:
"Mike has done an excellent job under challenging circumstances and his departure reflects the company's evolution from primarily exploration to development and production, and related prioritization of maximization of cash flow. We are fortunate to have an able successor in Kevin."
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