Company director John Poynton has moved into the gas sector as the new chairman of Cooper Basin-focused Strike Energy, which has also recruited a new managing director from Shell.
Company director John Poynton has moved into the gas sector as the new chairman of Cooper Basin-focused Strike Energy, which has also recruited a new managing director from Shell.
Mr Poynton's move to Strike, announced this week, was followed by his resignation from the board of technology company Orbital Corporation after two years as a non-executive director.
He replaces Sydney-based corporate adviser Mark Carnegie as chairman of Strike.
Mr Poynton said he was excited by the prospect of helping Strike's new managing director, Stuart Nicholls, grow the business.
Mr Nicholls has worked for Shell in corporate and operational roles in Australia, the Netherlands, Myanmar and Malaysia.
In a further change, Perth mining entrepreneur and Strike shareholder Tim Goyder has joined the company's board as a non-executive director.
As part of the new appointments, Strike has granted Mr Poynton 7 million, three-year options with an exercise price of 15 cents, compared to the current share price of 9.5 cents.
Mr Goyder has been granted 5 million options on the same terms, giving him an opportunity to add to the 35.9 million shares he already holds.
Mr Nicholls’ package includes 2 million, three-year options with a lower exercise price of 12 cents per share.
He will be paid an annual salary of $300,000 (inclusive of superannuation), well below the $470,850 paid to his predecessor David Baker, who only took on the role in September of last year.
Meanwhile, Orbital chairman John Welborn credited Mr Poynton with reinventing that company’s business model and vision.
“John has been a huge supporter of management’s efforts to commercialise both historic and new technologies for the creation of shareholder value,” Mr Welborn said.
“Orbital is a very different company today to when John joined the board.”
He will be replaced on the Orbital board by Steve Gallagher.
Commenting on Mr Gallagher’s appointment, Orbital chief executive Terry Stinson said he had a proven global track record in innovative technologies and product commercialisation.
Mr Gallagher is a principal at advisory and investment company Agere, and has previously held director positions at ASX-listed ERG, Vix Technology, and HKEX Hang Seng-listed CCRTT.
He has also held general manager positions at engineering group Siemens.
Orbital shares were 3.5 per cent lower to 55 cents each at 1pm.
