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Pétrolia is continuing its growth strategy by implementing its succession plan. In that regard, the Company has made certain changes to its management team.
Mr. André Proulx, President and CEO, is retiring from the day to day operations but will continue as a member of the board of directors. He will be replaced in the interim by Mr. Myron Tétreault, currently the Lead Director. Mr. Tétreault has also been appointed as Chairman of the Board and Mr. Charles Boulanger was appointed Lead Director. Mr. Alexandre Gagnon, currently Vice-President, Finance, was appointed Executive Vice-President and has accepted new responsibilities.
As a director, Mr. Proulx will continue to bring his vision, experience and advice to the Company. Mr. Proulx is a visionary who was the first to advocate and work for the emergence of an oil industry in Quebec. For many years, and with his customary tenacity and enthusiasm, Mr. Proulx has symbolized the entrepreneurial spirit of those for whom obstacles represent challenges. Pétrolia therefore wishes to recognize and applaud the irreplaceable contribution of Mr. Proulx to the development of the oil industry in Quebec.
Chairman of the Board and Interim President & CEO
Mr. Myron Tétreault will replace Mr. Proulx as Chairman of the Board and (Interim) President and Chief Executive Officer. As a member of the board of directors of Pétrolia since 2009 and as a respected and well known member of the Canadian oil industry, Mr. Tétreault is the right person to ensure the smooth implementation of the succession plan. With his experience, education and successes with various companies in this field, Mr. Tétreault will seek to advance the key objectives of the Company.
Lead Director
Mr. Charles Boulanger will replace Mr. Tétreault as Lead Director. Mr. Boulanger has been a member of the board since 2012 and has more than 30 years of experience in senior management positions in many industry sectors, including with companies such as Shell Canada, Irving Oil, GSI Environment and Prolab Technologies.
Executive Vice-President
Mr. Alexandre Gagnon has been appointed Executive Vice-President, a new position created in the context of the succession plan of the Company.
Chief Operating Officer
Mr. Gildas Collin will join the team of Pétrolia in the coming weeks as Chief Operating Officer. This appointment will help complete the best technical team in the Quebec oil industry.
In the coming months, Pétrolia expects to appoint a permanent President and Chief Executive Officer. In the meantime, the management team will use all its efforts to implement the next steps of its business plan.
In this regard, Mr. Tétreault stated: "As a member of the board and as Lead Director, I have had an opportunity to become familiar with the business of Pétrolia. I am very pleased to assume these new roles and to work with our management team and our employees to implement our succession plan. We have a great opportunity to pursue the development of an oil industry in Quebec, in collaboration with governmental authorities and our industry partners. We will continue to use our best efforts to explore for, develop and produce oil on our properties in Gaspé and on Anticosti Island, while respecting the most stringent health, safety and environmental standards. I want to thank Mr. Proulx for his efforts and accomplishments, which will allow us to remain the leader in Quebec oil industry".
In the context of his appointment, on September 15, 2013, the board granted to the new Chairman and (Interim) President and Chief Executive Officer, 400,000 options to acquire shares at a price of $0.98 expiring on September 14, 2018.