Nexus Says Hello to New CEO
Michael Fowler, Executive Chairman of Nexus Energy Limited, is pleased to announce the appointment of Richard Cottee as Chief Executive Officer of Nexus.
Mr. Cottee will assume his responsibilities as CEO on May 3, 2010 and will be relocating from Brisbane to Melbourne. Following a handover period Mr Fowler will step down from his executive role and resume a non-executive chairman position.
Mr. Cottee's most recent role was at Queensland Gas Company ("QGC") where he held the position of Managing Director from 2002 until 2008 when the company was taken over in a friendly acquisition by the BG Group. Over this period QGC grew from a market capitalization of around $20 million to an ASX100 company with a market capitalisation of $5.7 billion.
Prior to his role at QGC, Mr Cottee worked in the utility sector as Vice President and Managing Director of NRG Energy Ltd in London, and Chief Executive of CS Energy Ltd in Brisbane. Mr. Cottee is a lawyer by background and commenced his career with Allens Arthur Robinson before holding commercial positions with Itochu and Santos. He also spent six years with Freehills, Allens & Mallesons covering the resource sector and six years as an executive director of Cyprus Australia Coal.
While the remuneration package for Mr. Cottee will include a market base salary, its focus is on performance based long-term and short-term incentives, aimed at increasing shareholder value. The long-term incentive is based on market conditions immediately prior to the announcement.
Mr. Cottee commented, "I look forward to joining Nexus and working with its experienced professional team. I am attracted to the company because of its strong board and management team, its income stream from its Longtom gas asset, combined with the large scale opportunities for the Crux and Echuca Shoals assets in the Browse. Nexus has successfully managed its way out of the GFC with its assets intact and made the transition from explorer to producer and I firmly believe the company's share price has substantial upside in the short to medium term."
Nexus' chairman Michael Fowler said, "On behalf of Nexus, we welcome Richard to the company. We are extremely pleased to attract such a highly experienced oil and gas professional to run Nexus. His knowledge and strategic skill set will complement our existing
team and recently strengthened board as we embark on the next leg of growth. Richard has a strong track record in creatively solving complicated commercial matters, maximising asset value and a management discipline well suited to carry on with the timely commercialisation and advancement of our assets."
- Nexus Resumes Production at Longtom-4 Well in Gippsland Basin (Mar 12)
- Nexus Updates on Plans to Divest its Crux, Longtom Assets in Australia (Feb 21)
- Santos Suspends Production at Patricia-Baleen Gas Processing Plant (Jan 14)