Cadogan Petroleum (LON:CAD) has announced that its chief financial officer, Gordon Stein, has agreed to leave the company.
The firm said Stein was leaving due to personal reasons associated with the company’s increased focus and workload in the Ukraine.
Cadogan added that Bertrand des Pallieres, its chief executive officer, will assume responsibility for financial issues at board level. Meanwhile, financial matters in the Ukraine will be managed by the group director of finance, supported by the existing finance team.
Yesterday, the firm announced that it had settled the long-running legal dispute with its former chief operating officer Vasyl Vivcharyk. Under the settlement, Cadogan will receive a still-to-be-determined payment and withdraw its action against Vivcharyk and a third party associated with him.
This settlement followed another settlement in connection with the same dispute with former chief executive Mark Tolley and five other parties. Cadogan received cash payments amounting to £4 million in connection with this in May this year.
The dispute arose because Cadogan was seeking redress arising from the previously announced internal investigation of potential irregularities surrounding the procurement of and payment for certain assets and services contracted for by the company.