Nido Petroleum Limited confirms its previous advice that Phil Byrne ceased employment with the Company on 30 April 2015. A global recruitment process to find a suitable replacement is now well advanced and a short list of candidates has been identified.
Until a new Managing Director is appointed, Nido's Chairman Mr William Bloking has agreed to assume the role of Executive Chairman. During this period, Mr Bloking will be engaged pursuant to a consultancy services agreement and will receive the same fixed annual remuneration on a pro-rated basis as that which Mr Byrne received prior to his resignation (Mr Byrne's fixed annual remuneration was $560,000 inclusive of superannuation). Mr Bloking has agreed to waive his Director's fees whilst he is performing the role of Executive Chairman.