Prospex Energy plc chief executive officer and director Mark Routh will retire from the end of January.
Mr Routh, who took up the post in July 2021, will be replaced by former CEO of Scirocco Energy plc, Tom Reynolds, with effect from no later than 1 February 2026.
Prospex said: “The board is very grateful to Mark for his considerable achievements in building an attractive and geographically diverse portfolio of gas assets in Europe for Prospex, and for his assistance in the transition.”
“I would also like to thank Mark for his significant contribution in getting the company to its current stage and wish him the best for the future,” added non-executive chairman William Smith.
Mr Reynolds has extensive experience in senior executive roles in energy, energy investment and finance companies, and was previously CEO of Bridge Energy.
While at Prospex, he will also continue in his role as a non-executive director of Zephyr Energy.
Mr Reynolds holds a B. Eng. Chemical & Process Engineering.
Subject to a signed employment contract, his annual salary will be £250,000, of which circa £50,000 will be in the form of equity in the company, paid on a monthly basis, based on a prevailing volume-weighted average price.
He will additionally receive a £50,000 bonus through the issue of convertible loan notes currently offered by the company, and nil-cost options over around 3.5% of Prospex’s share capital.
The options are exercisable on a “liquidity event” for the company, dependent on shareholder approval.
Mr Reynolds currently holds no shares in Prospex.