Perth-based Liquefied Natural Gas Limited on Friday informed its founder and former managing director and CEO, Maurice Brand, will step down as an executive director with the company effective August 1, 2016.
Brand will receive payment consistent with his employment agreement and statutory requirements plus an ex‐gratia amount of A$200,000 (Approx. US$150,000), the company said in its statement.
He continues to hold 973,790 performance rights pursuant to the terms of the company’s incentive rights plan.
The resignation comes close after the company made cuts at the executive level reducing headcount by 13 employees, including one consultant, based in Australia, Indonesia and the U.S.
Under Brand’s leadership, LNG Limited developed a strategy to develop mid‐scale LNG export terminals to link proven gas reserves with existing LNG buyers, the company said.
LNGL’s managing director and CEO Greg Vesey stated, “LNGL’s business model of mid-scale LNG liquefaction projects using its wholly owned OSMR liquefaction technology and modular design provides a foundation for long‐term success.”
The company’s LNG project portfolio includes Magnolia LNG an 8 mtpa or greater export terminal in Lake Charles, Louisiana, USA, Bear Head LNG, an 8-12 mtpa LNG export terminal in Nova Scotia and a 3.5 mtpa design capacity LNG export terminal at Fisherman’s Landing in the Port of Gladstone, Queensland, Australia.
1 A$ = 0.75 US$