Velocys taps Philip Sanderson as its new finance chief

9th Jun 2022 15:40

(Sharecast News) - Sustainable fuel technology company Velocys announced the appointment of Philip Sanderson as an executive director and its new chief financial officer on Thursday, with effect from 22 June.

The AIM-traded firm said the appointment followed its announcement in February that Andrew Morris had advised of his intention to step down as CFO, and would not stand for re-election at its annual general meeting on 21 June.

To ensure a smooth transition, it confirmed that Morris would remain with the business for an agreed period.

"Philip joins Velocys with over 30 years of international finance and commercial expertise in advanced fuels and lubricants, large scale capital project execution and low carbon energy in a range of divisions and affiliates of Shell," the board said in its statement.

"Philip is joining us directly from a role of vice-president, finance global marketing.

"Philip has an impressive track record in commercial delivery, strategic planning, corporate governance and consistently driving shareholder value."

Velocys said Sanderson's experience included roles in business partnering, financial and risk management, governance and assurance, and major transaction engagement.

Additionally, it said he had "extensive experience" of capital project development and project financing.

"Philip holds a BA (hons) in mathematics from the University of Oxford, and is an associate of the Chartered Institute of Management Accountants."

At 1554 BST, shares in Velocys were up 3.17% at 5.47p.

Reporting by Josh White at Sharecast.com.