Quadrise Seals Consultancy Agreement with Former Executive Chairman

by Ship & Bunker News Team
Monday April 4, 2016

Quadrise Fuels International plc [LON:QFI] (Quadrise) Friday announced that it has officially entered into a consultancy agreement with the company's former executive chairman, Ian Williams, which is intended to enable Williams to provide "ad hoc general and strategic advice" to the company's new executive chairman, Mike Kirk, as well as other members of the company's board.

As Ship & Bunker reported in February, Williams retired as executive chairman, succeeded by Kirk, effective April 1.

The agreement covers the period between April 1 and June 30, with the option for extension with written agreement by both parties.

"Whilst Ian's retirement and my appointment as Executive Chairman has been a carefully managed process, I am grateful to Ian for agreeing to remain on hand up to the end of June 2016," said Kirk.

"This is a flexible arrangement for both parties and allows the Board to call on Ian's wealth of experience should the need arise."

Under the agreement, Williams is said to be receiving a retainer fee of $10,000 for an initial four days of service to Quadrise, as well as a maximum of five additional days that will be compensated at a rate of $3,500 per day - or pro rata based on an 8 hour day.

Last week, Ship & Bunker reported that Quadrise has reiterated that the economics of its MSAR emulsion bunker fuel proposition "remain sound" despite chronically low oil prices - echoing a similar sentiment made last year.

Ship & Bunker News Team
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