Hydrodec Group plc (AIM: HYR), the cleantech industrial oil re-refining group, is pleased to provide updates on Board membership and personnel within Hydrodec of North America.
The Company announces that Caroline Brown has resigned as a Non-Executive Director and Chair of the Audit Committee of the Board following the completion of her three-year term of service. The Board is grateful to her for her leadership of the Audit Committee and commitment to the Company as the Board’s Senior Independent Director and wishes her well for the future.
The Board is pleased to announce the appointment of Chris Ellis as Non-Executive Director and Chair of the Audit Committee. Chris, a former CEO and CFO of Hydrodec with a detailed knowledge of the Company, is a qualified chartered accountant. He has more than 20 years’ board level finance and management experience of running large international businesses, including a significant period within GE Capital, and will provide valuable continuity on our Board of Directors.
Further to the renegotiation of the ownership and governance structure of Hydrodec of North America (HoNA) at the turn of the year, the Company can announce the following update on personnel in HoNA. Michael Pitcher has left HoNA and David Dinwoodie, Hydrodec’s CEO, becomes HoNA’s President. Ron Kubala is promoted to the HoNA board as the third Hydrodec-nominated director and is simultaneously appointed Director of Production and Operations. Ed Superior returns to HoNA as Director of Procurement, Sales and Marketing. Further appointments are anticipated in the Finance, Sales and Marketing Departments over the next few weeks.
Lord Moynihan, Chairman of Hydrodec, commented:
“I am delighted to welcome Chris back to the Board as a Non-Executive Director and Chair of the Audit Committee. His years in an executive capacity as CFO and then CEO of the Company bring a wealth of financial and governance experience to the Board and will add strength to our ability to support the development of Hydrodec. Our CEO, David Dinwoodie, has been with me in our plant in Canton last week as part of the implementation of our strategic review and I am pleased we have been able to announce our new management team at HoNA as we look to build on our strong platform in North America.”
David Dinwoodie, CEO of Hydrodec, commented:
“I am pleased to welcome Chris Ellis back to the Board. Hydrodec is now focused on building an even stronger business in the US, uniquely able to sell carbon credits to US utilities as a result of its market- leading technology. This will be a turnaround year when we will build strong partnerships to secure feedstock and extend the reach of the sales of Superfine, our re-refined transformer oil. I will be providing a trading update to the market before the end of the month.”