SeaBird Exploration Plc has nominated Åge Korsvold as the new Chairman, after Henrik Christensen decided to step down.
The Nomination Committee has performed a search of suitable candidates, and has resolved to propose that Mr. Åge Korsvold is elected as new Chairman. The proposal has been discussed with Mr. Christensen, the Board of Directors and certain principal shareholders, who support such proposal. Åge Korsvold is currently a board member of i.a. Timex Group B.V., Sapa AS, Green Resources AS, and Aweco Invest AS. Previous engagements include roles as CEO of Orkla, Kistefos and Storebrand.
Given that the proposal for a new Chairman of the Board of Directors has already been agreed, Mr. Christensen, the Board of Directors and the Nomination Committee have agreed that there is no reason to postpone implementation of the proposal until the annual general meeting, scheduled for 13 May 2014. On such basis, the Board of Directors has resolved to call for an extraordinary general meeting where it is proposed to change the Board of Directors as indicated above.
If the proposal is approved, the Board of Directors will consist of Åge Korsvold (Chairman), Kitty Hall, Kjell Mathiassen, Melvin Teigen and John Olav Økland. The Nomination Committee proposes no change to the remuneration currently payable to the chairman of the Board, however, so that in the event that the work of the Chairman exceeds 10 full working days per year, the Chairman shall be entitled to invoice the Company an additional amount for each such full working day. The Nomination Committee will issue its formal recommendation in due course.
Press Release, March 12, 2014