Brightoil Founder Sit Kwong Lam Steps Down as CEO

by Ship & Bunker News Team
Wednesday July 16, 2014

Brightoil Petroleum (Holdings) Ltd. (Brightoil) announced today that CEO Sit Kwong Lam, the company's founder and chairman, has resigned from the post of CEO, and Yung Pak Keung Bruce has been appointed to replace him.

The change in leadership takes effect immediately.

Brightoil did not give a reason for Sit's resignation and said he has no disagreement with the company and will remain with Brightoil as chairman and an executive director.

Yung joined Brightoil as senior vice president on January 3, 2014 after working in the energy industry in Asia and Europe for 25 years.

Yung held senior management positions with British Petroleum in China, with British Gas in the United Kingdom, and with First Solar Inc. in China.

Brightoil's board set Yung's salary at HK$3.5 million ($452,000) per year.

The company has been shifting into more upstream activities, including through the acquisition of Anadarko Petroleum's China business earlier this year.