BusinessCompany NewsMaxPetroleum CFO given board berth

MaxPetroleum CFO given board berth

Michael Young cements his place at Russian oil producer as part of management overhaul which has seen the chief exec ousted

The CFO of MaxPetroleum has been given a board position after seeing the oil
producer through a lengthy period of upheaval.

Michael Young was at the helm last year when PwC carried out a probe into
undisclosed share options given to executives. Senior management figures
including ex-CEO Steve Kapelle were ousted in the wake of the investigation.

He was appointed as CFO on 1 September 2006, but this was not a board
position, the company said previously.

The
AIM-quoted
company
said: Max Petroleum announced today plans to restructure its board
of directors. In conjunction with Mark Johnson joining the company as a director
and CEO, Jim Jeffs will move to non-executive chairman of the board, Lee Kraus
and Bob Holland will resume their roles as non-executive directors, and Michael
Young will join the board as FD.’

Further reading:

PwC
to probe Max Petroleum share option scandal

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