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Petroceltic announces board changes following failed coup by largest shareholder

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Petroceltic chief executive Brian O’Cathai

Petroceltic chief executive Brian O’Cathai

Photocall Ireland

Petroceltic chief executive Brian O’Cathai

Irish oil and gas explorer Petroceltic has announced two changes to its board in the wake of a failed coup by largest shareholder Worldview.

The Dublin based company is headed up by Brian O’Cathain, who survived an attempt by the Swiss hedge fund to oust him from his position as CEO.

Worldview also tried to appoint two of its own nominees to the Petroceltic board. However, shareholders voted down the proposals at an extraordinary general meeting last month.

Petroceltic has now re-shuffled board responsibilities.

Non-executive director Neeve Billis has been designated the senior independent director and has joined the Audit Nominations and Remunerations committees.

Nicholas Gay, also a non-executive director, has been appointed as chairman of the Audit committee and has also jointed the Nominations committee.

The company’s chief financial officer Tom Hickey has also been re-appointed to the board.

Online Editors