Changes to The Board of Directors of The Company and The Board of a major subsidiary
Oakbay Resources and Energy Limited
CHANGES TO THE BOARD OF DIRECTORS OF THE COMPANY AND THE BOARD OF A MAJOR SUBSIDIARY
Oakbay Resources regrets to announce the resignation, from all group companies, of both its Non-Executive Chairman, Mr. Atul Gupta, and its Chief Executive Officer, Mr. Varun Gupta, with immediate effect. Additionally, Mr. Duduzane Zuma, has resigned as a Non-Executive Director of Shiva Uranium, a major subsidiary of the Company.
This decision follows a sustained political attack on the Company, and the concern that the jobs and livelihoods of nearly one thousand employees would be at immediate risk as a result of the outgoing director’s association with the Company. Accordingly, the outgoing directors are of the view that it would be in the best interests of the Company, its shareholders and employees for them to step down with immediate effect.
In line with the company’s succession plan, Mr. Terence Rensen, the existing Lead Independent Non-Executive Director, will take up the role of acting Independent Non-Executive Chairman, and Mr. Trevor Scott, the Company’s Financial Director, will take up the role of acting Chief Executive Officer until such time that the board and the nominations committee have identified and appointed the appropriate candidates to fill the vacant positions. The Company’s operations, projects and strategic initiatives will remain unaffected by the changes to the board, and will continue as planned.