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- Oil and gas explorer Key Petroleum (KEY) has announced the impending retirement of its Chairman and Non-Executive Director, Rex Turkington
- The company’s Managing Director, Kane Marshall, is also departing from his position at Key
- Both resignations will take effect within the next three days, prompting the company’s search for a new CEO
- The company’s current Exploration Manager, Ric Jason, will act as the Interim CEO during the transitional period
- Key Petroleum closed 20 per cent in the red for 0.4 cents per share
Oil and gas explorer Key Petroleum (KEY) has announced the impending retirement of its Chairman and Non-Executive Director, Rex Turkington.
Rex has spent over eight years as the company’s Director and served as its Chairman for the last six years. His resignation will take effect from August 31, 2020.
In related news, the company’s Managing Director, Kane Marshall, is also departing from his position at Key. This decision was reportedly made so that Kane can dedicate more of his time to his other directorships.
Kane’s resignation has taken effect immediately, as of August 28, 2020.
In the announcement, Key Petroleum commented on Rex and Kane’s departures, thanking them both for their service.
“The Board wishes to express its gratitude to Rex for his contribution, advice, and leadership during his time with the company.
“Rex’s extensive experience in the financial services and stockbroking industry in Australia was valued by the Directors. The Board wishes Rex well for the future.
“The Board acknowledges and thanks Kane for his contribution to Key, especially for his contribution to important new growth options for the company. The Board wishes him well for the future,” the announcement said.
With both resignations taking effect within three days, Key Petroleum must begin the search for a new CEO. During the transition period, the company’s current Exploration Manager, Ric Jason, will act as Key’s Interim CEO.
The company reaveld the board restructuring after trading closed on Friday, followoing a steep share price drop earlier that day.
Key Petroleum closed 20 per cent in the red for 0.4 cents per share.
