ZUG, Switzerland, Dec 08, 2010; Petroplus Holdings AG (SIX:PPHN) today announced that Thomas D. O'Malley, Chairman of the Board of Directors, will retire as Chairman and also as a Member of the Board effective May 5, 2011, the date of the Company's next Annual General Meeting of Shareholders. The Board has appointed Patrick Monteiro de Barros, currently Vice Chairman of the Board of Directors of Petroplus, to succeed Mr. O'Malley as Chairman effective upon his retirement.
Mr. O'Malley said, "With the recent sale of Petroplus' interest in PBF Energy Company LLC, of which I am also Chairman of the Board of Directors, and the pending development of PBF into an operating Atlantic Basin oil refiner, the Petroplus Board and I decided that from a corporate governance perspective it would not be advisable for me to remain as Chairman of both organizations. Petroplus is fortunate to have on its Board another talented veteran of the refining industry, my long-time colleague and friend Patrick de Barros. Patrick and I will devote our full attention to transitioning the Chairmanship, and I remain fully committed to providing Petroplus with leadership for as long as the Company needs me. Given Patrick's abilities and our long-standing relationship, I am confident that the transition over the following months will be seamless. I am also happy that Patrick and our CEO, Jean-Paul Vettier, have a strong working relationship built over a number of years. Lastly, I intend to maintain my holdings in Petroplus and remain a large and active shareholder."
Mr. de Barros said, "While we will miss Tom greatly, the decision for him to focus on PBF is best practice from a corporate governance perspective. He has over these past years made Petroplus into the largest independent refiner in Europe through great acquisitions and it is an exciting opportunity for me to succeed him as Chairman of the Company. I have been working in the refining industry in both Europe and the US my entire career, and I believe that Petroplus still has great potential. The Board and I are fully committed to the Company and to serving our shareholders. We have full trust in the transformation work that Jean-Paul is currently conducting."
Mr. de Barros has more than 40 years experience in the oil industry and has been a member of the Petroplus Board of Directors since 2006, where he currently serves as Vice Chairman and Chairperson of the Compensation Committee. He has been Chairman and Chief Executive Officer of Argus Resources Ltd. (U.K.) since 1988 and also currently serves on the boards of a number of other corporations. He was Senior Vice President of Philipp Brothers (U.S.) from 1975 to 1987 and served with Tosco (U.S.) from 1995 to 2001, Petrogal (Portugal) from 1991 to 1996 and Sonap (Portugal) from 1968 to1975.
Petroplus Holdings AG is the largest independent refiner and wholesaler of petroleum products in Europe. Petroplus focuses on refining and currently owns and operates six refineries across Europe: the Coryton Refinery on the Thames Estuary in the United Kingdom; the Belgium Refining Corporation Refinery in Antwerp, Belgium; the Petit Couronne Refinery in Petit Couronne, France; the Ingolstadt Refinery in Ingolstadt, Germany; the Reichstett Refinery near Strasbourg, France; and the Cressier Refinery in the canton of Neuchâtel, Switzerland. The refineries have a combined throughput capacity of approximately 752,000 barrels per day.
SOURCE: Petroplus Holdings AG