Oil & Gas

SDX CEO exits, as Bhattacherjee goes executive

SDX Energy has appointed Jay Bhattacherjee as interim executive chairman, while CEO Mark Reid is leaving immediately.

Furthermore, Daan Hanssen, currently group financial controller becomes interim CFO.

SDX has undergone a period of dramatic personnel change, following a failed merger and the arrival of a major new shareholder, Aleph Commodities.

Bhattacherjee joined SDX at the end of October as non-executive chairman.

Michael Doyle stepped down as chairman in September. Non-executive director Catherine Stalker left the board in October.

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Tim Linacre first joined as interim chairman before becoming senior independent director. Krzysztof Zielicki also joined in September and is now a non-exec and the chairman of the remuneration committee.

Bhattacherjee had previously run Aminex, from 2013 to 2019. He was also chairman of Nu-Oil and Gas.

The new executive chairman thanked the outgoing CEO Reid for his efforts. “We wish him all the best for the future. I am excited to take on the role as Executive Chairman, and I look forward to working to create meaningful value both organically and inorganically.”

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Aleph has not yet set out its plans for SDX. Reid, commenting in the company’s third quarter results, said Aleph planned to “further support the company with its growth initiatives and at a time of difficult capital markets, this provides the company with a significant differentiator versus its peers”.

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