LNG founder to step down

Founding managing director of Perth-based Liquefied Natural Gas, Maurice Brand, has announced his resignation from the board of the company.

LNG announced late today that Mr Brand would step down as executive director on Monday.

He is the founder and former managing director of the business, which listed on the ASX in 2004.

His resignation comes at a time when LNG, which has most of its operations in the US, has battled headwinds in getting its technology commercialised.

Chairman Richard Beresford said Mr Brand was an icon of the LNG industry.

"He recognised the cost challenges facing the industry and the virtues of the mid‐scale, modular design configuration well ahead of any of his contemporaries," Mr Beresford said.

"He focused on lowering capital cost, improving reliability, realizing greater fuel efficiency, and the importance of minimizing environmental impacts in developing LNGL’s strategic advantages, attributes that continue to benefit the company today.

"On behalf of the board, we are grateful to Maurice for his vision and contribution as founder and managing director in developing the company to its current position. We wish him all the best in his future endeavours.”

Mr Brand will receive a $200,000 payment consistent with his employment agreement and statutory requirements.