Christopher Brown to step down as TomCo CEO
TomCo Energy is looking for a new boss after chief executive Christopher Brown said he would step down to concentrate on his other business interests.
The AIM-listed shale oil company said it was in talks to find a replacement and that Brown would stay on until a successor is announced, "assuming the board determines to appoint such a replacement".
Brown, who was appointed CEO in April 2016, has a 19.57% interest in the company and remains supportive of its prospects, TomCo said. He will lend TomCo £100,000 unsecured until 31 March at 8% interest.
After consulting Strand Hanson, TomCo's nominated adviser, the company's other directors have concluded the terms of Brown's loan are fair and reasonable.
TomCo said: "Christopher Brown, chief executive, has advised that he wishes to step down from the board of the company and its subsidiaries due to the time taken up with his other business interests."