Otto Energy (ASX:OEL) undergoes board and executive restructure

• Otto Energy’s (OEL) Chief Executive Officer and Managing Director, Matthew Allen, has stepped down, effective immediately
• The decision was mutual, after Matthew’s two-year assignment in Houston concluded
• The company’s non-Executive Chairman, John Jetter, will assume the role of Executive Chairman, while Kevin Small will oversee operations until a replacement is found
• John thanked Mr Allen for his 11 years of service to the company and reassured investors that operations wouldn’t be affected while the search for a new CEO was underway
• Otto is trading in the grey today, with shares selling for 0.9 cents each

Oil producer, Otto Energy (OEL), has announced a reshuffle of its board, after Chief Executive and Managing Director, Matthew Allen, stepped down.

The decision was mutual between both parties and is effective immediately.

Otto’s non-Executive Chairman, John Jetter, will assume the role of Executive Chairman, while Kevin Small will oversee day-to-day operations until a replacement is found.

“After a successful 11-year tenure with Otto, Mr Allen’s leadership of the Group has seen the Company transition to a successful production Company in the Gulf of Mexico. We would like to thank Mr Allen for his significant contributions and guidance of the Company.”

Chairman, John Jetter

Otto has begun the search for a replacement, and John reassured investors that operations would not be interrupted while the hunt for a new CEO continued.

Matthew has agreed to remain with the Company as a senior advisor for the next six months to assist with an orderly leadership transition.

Otto is trading in the grey today, with shares selling for 0.9 cents each at 1:05 pm AEST.