Velocys shakes up boardroom ahead of hunt for new investors
By Iain Gilbert
Date: Tuesday 13 Nov 2018
(Sharecast News) - Renewable fuels outfit Velocys tapped Henrik Wareborn to take over as chief executive officer on Monday as part of the group's massive executive shake-up aimed at refocusing its priorities.
Wareborn, who was formerly global head of crude oil sales and trading at BP, will take over from David Pummell with immediate effect after having been with the company on a consultant basis since March 2017, essentially playing the role of its chief commercial officer.
He has been leading efforts to introduce strategic investors to its front-end engineering and design (FEED) process of its Bayou Fuels biorefinery project in Mississippi and the UK non-recyclable waste to jet fuel project and was seen bt Velocys as "exactly what is demanded" in order to progress to the next stage of those discussions.
Chairman Pierre Jungels, said: "The board is delighted to welcome Henrik as Velocys' new CEO to lead the company through the planned financing and further development of both the Bayou Fuels biorefinery project in Mississippi and the UK non-recyclable waste to jet fuel project."
In addition to the appointment of Wareborn, Velocys chief financial officer Dr Paul Schubert also resigned on Tuesday, leading the AIM-listed group to promote current non-executive director Andrew Morris to the role.
Velocys revealed that it was still on the hunt for two new non-executive directors.
As of 0835 GMT, Velocys shares had picked up 2.81% to 5.30p.
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