Velocys PLC Directorate Change (6943L)

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RNS Number : 6943L

Velocys PLC

21 July 2017

News release

Velocys plc

("Velocys" or "the Company")

21 July 2017

Directorate change

Velocys plc (VLS.L), the renewable fuels company, announces that after nine years with the Company, Susan Robertson has informed the Board of her intention to leave Velocys to pursue other interests. Susan has stepped down from her position on the Board effective immediately.

The Company intends that going forward the role of Chief Financial Officer will be based in Houston, Texas, as its focus on the renewable fuels market in the US intensifies. Velocys has appointed John Tunison as interim CFO, who will provide the necessary support to the Company through a period of transition while it recruits a permanent CFO. The appointment is not a Board level appointment at this stage. Susan will remain in her role as CFO in the immediate term to help provide an orderly and smooth handover.

John Tunison is an experienced interim CFO with nearly 15 years' experience working in finance leadership roles with Shell, Univar and Ascend Performance Materials amongst others. He has a track record in business planning, strategy development and execution, the reshaping of financial teams and the raising of equity in his varied roles in a number of sectors including oil and gas and speciality chemicals. Further details regarding John's skills and experience can be found on our website.

Pierre Jungels, Chairman said:

"On behalf of my fellow Board directors and all of my colleagues at Velocys, I would like to thank Susan for the enormous contribution she has made to the Company over the nine years she has been on the Board. During her tenure Velocys has grown from small beginnings to the business it is today with the first commercial smaller scale GTL plant in the world now in operation."

David Pummell, CEO said:

"I would like to thank Susan for all the help and support she has given me in my time as CEO of Velocys and wish her every success in her future career. I and the Board look forward to working with John in the months ahead as we drive forward our new strategy."

- Ends -

For further information, please contact:

 
 Velocys                                [phone] 
  David Pummell, CEO                     700 
 Numis Securities (Nomad and Broker) 
  Alex Ham 
  Stuart Skinner 
  Jamie Lillywhite                      [phone] 
  Tom Ballard                            1000 
 Canaccord Genuity (Joint Broker) 
  Henry Fitzgerald-O'Connor             [phone] 
  Ben Griffiths                          8000 
 Camarco (financial communications 
  & PR) 
  Billy Clegg                           [phone] 
  Georgia Edmonds                        4983 
 

Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) prior to its release as part of this announcement.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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July 21, 2017 02:00 ET (06:00 GMT)