Petro Matad chief Douglas McGay retires
Petro Matad (LON:MATD) this morning said that chief executive Douglas McGay is retiring with immediate effect.
The company said that a new chief executive will be recruited once the exploration and work programmes have been finalised.
In the meantime chief financial officer John Henriksen and exploration manager Dr Ridvan Karpuz will take over the management responsibilities in Mongolia.
"Following the Company's board and management restructuring it is a fitting moment for me to retire from my duties and responsibilities at Petro Matad,” McGay said in a statement.
“I believe that Petro Matad has a sound future and am confident that its diverse assets in the progressive country of Mongolia will be explored by a team of high quality professionals supported by some of Mongolia's finest staff."
Meanwhile chairman George Watkins said: "The company is fortunate in having another experienced oil industry executive, John Henriksen, as chief financial officer. Together, Ridvan and John form a strong management team to take the Company forward over the coming months."
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