Board reshuffle at Obtala Resources

25th Apr 2016 13:39

(ShareCast News) - Africa-focused agricultural and forestry business Obtala Resources announced a number of board changes on Monday, including a new chairman.The AIM-traded firm has appointed Miles Pelham, who joined the board in August last year as a non-executive director, as non-executive chairman with immediate effect.Obtala's board said Pelham has had a long career in finance, with a number of senior investment banking positions at large financial institutions.Francesco Scolaro was relinquishing the role of executive chairman, but remaining on the board in a non-executive capacity.Emma Priestley, who also joined the board in 2-15, was stepping down from her position due to the increasing demands on her time with other commitments."My sincerest thanks and appreciation to Frank and my fellow board members for this honour. I am humbled to be entrusted with the responsibility to lead the company through these exciting times," Pelham said of his appointment."Taking the reins at this time is made easier by the groundwork laid by Frank over the last eight years and the company sits at the cusp of healthy revenue expansion from its considerable asset base."Pelham assured that, under his leadership, he will maintain a simple business model of monetising assets and sunk investment while keeping clinical control of costs, amidst strong corporate governance."I look forward to updating shareholders in the imminent future of our medium-term plans and meeting many of them in person at the UK Investor Show being held at the QEII Conference centre in London on 30 April."