08/08/2016 - 13:39

Boyd to lead Enerji

08/08/2016 - 13:39

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The former head of power generation company Pacific Energy has emerged as the new chief executive of thermal energy company Enerji, replacing Andrew Vlahov, who stepped down last week.

Boyd to lead Enerji
Adam Boyd will take on the role of acting chief executive at Enerji next week.

The former head of power generation company Pacific Energy has emerged as the new chief executive of thermal energy company Enerji, replacing Andrew Vlahov, who stepped down last week.

Adam Boyd will take on the role of acting chief executive of Enerji from next week, while the company finalises a partnership agreement with diversified construction and maintenance group EC&M.

The agreement involves ECM subscribing to a $2 million share placement.

Once the placement is completed, Mr Boyd will become CEO and managing director of Enerji on a full-time basis, while ECM boss Simon Higgins will join Enerji’s board as a non-executive director.

Mr Boyd resigned as CEO of Pacific in March last year after nine years with the company, and was succeeded by former mining equipment supplier Resource Equipment head James Cullen.

Prior to his tenure at Pacific, Mr Boyd was chief financial officer of waste technology business Global Renewables, which was jointly owned by GRD and Hastings Funds Management.

While serving as acting CEO of Enerji, Mr Boyd will receive a monthly salary of $29,500.

“The board is delighted to have appointed Mr Boyd to the position of acting CEO and we look forward to the contribution he will make to Enerji,” chairman Rod Phillips said.

“We are also delighted to have reached formal agreement with ECM, providing Enerji with a strong cornerstone investor and financial certainty as we execute our first heat-to-power project at (Northern Star Resources’) Jundee gold mine.”

Mr Vlahov stepped down as CEO of Enerji last week, with the company saying in a brief statement that his contract had come to an end and that discussions were already under way with his potential replacement.

Enerji shares were 4.7 per cent lower to 2 cents each at 1:30pm.

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