The Board of Directors of Liquefied Natural Gas Ltd (LNG Ltd) has announced that the company’s founder and former Managing Director and Chief Executive Officer (CEO), Maurice Brand, will step down as an Executive Director with the company, effective 1 August 2016.
Richard Beresford, the Chairman of LNG Ltd’s Board of Directors, said: “Maurice is an icon of the LNG industry. He recognised the cost challenges facing the industry and the virtues of the mid-scale, modular design configuration well ahead of any of his contemporaries. He focused on lowering capital cost, improving reliability, realising greater fuel efficiency, and the importance of minimising environmental impacts in developing LNG Ltd’s strategic advantages, attributes that continue to benefit the company today. On behalf of the Board, we are grateful to Maurice for his vision and contribution as founder and Managing Director in developing the company to its current position. We wish him all the best in his future endeavours.”
LNG Ltd’s Managing Director and CEO, Greg Vesey, added: “LNG Ltd’s personnel and shareholders owe Maurice a debt of gratitude. LNG Ltd’s business model of mid-scale LNG liquefaction projects using its wholly owned OSMR® liquefaction technology and modular design provides a foundation for long-term success. Our portfolio of projects in Magnolia LNG, Bear Head LNG, and Fisherman’s Landing LNG position the company to be successful globally. I wish Maurice and his wife Kaye all the best for the future.”
In a statement, LNG Ltd confirmed that Mr Brand will receive payment consistent with his employment agreement and statutory requirements, plus an ex-gratia amount of AUS$200 000. Mr Brand continues to hold 973 790 Performance Rights pursuant to the terms of the company's Incentive Rights Plan.
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/29072016/lng-ltd-founder-steps-down-from-board-2834/