People | People-Resignation | People-Promotion

Niko Resources Shuffles Management as Chairman Resigns

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Niko Resources Ltd. reported the following changes to the Board of Directors and management of the Company:

• Niko wishes to announce that Mr. Kevin J. Clarke, having led the Company to the point where it has implemented its strategic plan, has resigned from his role as Chairman of the Board, director, and interim Chief Executive Officer, effective immediately. The Company thanks Mr. Clarke for his dedicated service to the Company, including his significant contribution in helping reposition Niko for the future.

• The Company is pleased to announce the appointment of Mr. Christopher H. Rudge as the new Chairman of the Board, effective immediately. Mr. Rudge has served on the Company's Board of Directors since September 2015. He has extensive experience at senior executive levels, including 11 years at Quebecor World Inc. where he was a senior executive and member of the Office of the Chief Executive Officer until his retirement in January 2002. He was also President of Quebecor Printing, Canada and Quebecor's international operations in Europe, Latin America and India. In addition, he has served as Distinguished Visiting Fellow at the Ted Rogers School of Management, Ryerson University, Adjunct Professor at the University of British Columbia and sits as Executive in Residence at the University of Toronto, Rotman School of Management Director Education and Certification Program. Mr. Rudge also served as CEO of the Canadian Olympic Committee for the 2010 Winter Olympics in Vancouver, British Columbia and also chaired the successful Canadian program, 'Own The Podium'. Mr. Rudge holds a teaching certificate from Queen's University and a Bachelor of Physical Education and Health from the University of Toronto.

• The Company is also pleased to announce the appointment of Mr. Robert S. Ellsworth Jr. as the interim Chief Executive Officer of the Company, effective immediately. Mr. Ellsworth has served on the Company's Board of Directors since March 2016. Mr. Ellsworth previously served as the Global Co-Head and Chief Operating Officer of BlackRock's $20+ billion, multi-manager hedge fund business. He holds a Bachelor of Arts degree in Business Administration from the University of Washington, and is a Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA).

The Board of the Directors of the Company is now comprised of Christopher H. Rudge (Chair), Frederic F. (Jake) Brace, Robert S. Ellsworth Jr., William T. Hornaday and E. Alan Knowles.

In commenting on these changes, Mr. Clarke stated, "I have been pleased to lead Niko over the last two years with the help of my management team and the Board of Directors. The recent amendments to the Company's facilities agreement and note indenture will help position the Company over the next few years and give it the opportunity to take advantage of potential positive changes in the worldwide oil marketplace. I am confident that the new Board of Directors working with Robert Ellsworth, our new interim CEO, and the other members of management, will continue to build on the momentum of our new agreements with our creditors to help reposition Niko for the future. I would also like to thank the lenders under the facilities agreement and the noteholders for their assistance in helping the Company move forward with its strategic plan."