Parkmead's finance director Ryan Stroulger has left by mutual agreement.
He had been part of the Aberdeen-based energy group since its foundation in 2010; appointed commercial director at the age of 25.
Group financial controller Donald Wilson - who joined in 2020 from NEO Energy - has now assumed responsibility for the finance function.
No further details about the change were given in an update that also announced managing director of renewables Andrew Smith has been promoted to the board and made business development director.
He has 19 years of business experience and has been a senior executive within the leadership team for the last four years, driving moves into renewable energy.
Smith has been instrumental in delivering £5m of cash back into the group through the negotiated sales of non-core land from the Pitreadie acquisition. Additionally, he led the acquisition of Parkmead's first operational wind farm at Kempstone Hill in 2022, which is delivering valuable long-term income.
Under his management, uptime at Kempstone Hill has exceeded 98% in the first 12 months of ownership. Smith will now be focused on driving new business opportunities, including further acquisitions and the expansion of existing assets.
He will also serve as company secretary.
”As the board continues to identify new opportunities to build the group, it has undertaken a thorough review of the skills needed to support Parkmead's growth strategy across its increasingly balanced energy portfolio,” read a statement.
The last 18 months has seen Parkmead deliver strong cash flow from natural gas fields in the Netherlands, alongside income from renewable energy for the first time, with sales of electricity direct to the national grid from wind turbines in the UK.
The group is actively reviewing and high grading its asset portfolio, as part of a shift from its early heritage in oil and gas projects ”to a future focus on the production of primary energy through greener processes of natural gas and renewables”.
Executive chair Tom Cross commented: ”Andrew has been influential in driving our renewables strategy since 2019 and his knowledge and expertise of the renewable energy sector will be a valuable addition to the board.
”This is an exciting time for Parkmead, with a number of attractive opportunities, and Andrew’s appointment will increase Parkmead’s focus on growing our portfolio of renewable assets.
”As always, we will maintain strict financial discipline across all our existing energy projects, whilst continuing to evaluate potential acquisitions that will complement the group and maximise shareholder value.”
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