Powerhouse Energy Group plc (AIM: PHE), the UK technology company commercialising hydrogen production from plastic, regrets to announce that Tim Yeo has informed the board that he wishes to step down as Executive Chairman of the Company for personal reasons with immediate effect. It has been agreed that he will remain as a consultant to Powerhouse for a period of 12 months.
This will enable an orderly handover of Tim’s responsibilities, including the recruitment process for Powerhouse’s new CEO which he and Myles Kitcher are leading, to take place. A separate announcement will be made in due course about the appointment of the CEO.
James Greenstreet will take over from Tim as Chairman. James has been a non-executive director of Powerhouse since 2011 and is a founder of aircraft lessor, Falko Regional Aircraft. He also sits on the board of regional airline, CityJet DAC and Electric Aviation Group Ltd an early-stage company developing hydrogen electric commercial aircraft.
As part of the termination of his existing contract as Executive Chairman the board has agreed in a settlement payment of £35,500. The Consultancy agreement provides for a monthly fee of £6,000 per month. The settlement payment and the Consultancy agreement are related party transactions under the AIM Rules for Companies. The Directors consider, having consulted with WH Ireland Limited, that the terms of the transactions are fair and reasonable insofar as shareholders are concerned.
Tim Yeo said “It has been an honour to lead Powerhouse through an important phase of its development. Under my chairmanship Powerhouse’s management and finances have been substantially strengthened and the SPV which is building our first commercial scale plant has been placed on a firm footing.
The arrival of our new CEO will ensure this progress continues. Now is therefore the right time for a younger chairman to take over the reins. I am confident that Powerhouse’s technology will soon be successfully proved and widely deployed in the UK and abroad for the benefit of the global environment.
I intend to remain a shareholder and wish James Greenstreet and all my colleagues well in taking Powerhouse forward to the next stage of its development.”
James Greenstreet said “On behalf of the whole board and our shareholders I thank Tim warmly for his tireless work for Powerhouse over the last fourteen months. Under his chairmanship the Company has made considerable progress and the foundations of a truly sustainable and prosperous future have been laid. We are very pleased he will act as a consultant to Powerhouse.”