Wentworth has announced that it is undertaking a restructuring process to better align its corporate and management structures with its shareholders and asset base in Africa, to increase management efficiencies and reduce certain costs.
As a first step in this process, the Company is relocating its head office and executive management team to London from Calgary, Canada bringing them closer to shareholders and to the Company’s core operating assets in Tanzania and Mozambique. According to a statement from the company due to personal reasons, Managing Director Geoff Bury, is unable to relocate to London and will therefore be leaving the Company when a suitable replacement has been found. The Company has thereby commissioned an executive search agent and is currently reviewing candidates for the role of Chief Executive Officer, although Geoff will remain in his current role for a period of time to allow a smooth transition of responsibilities.
In line with the head office relocation and given that the Company has few Canadian registered shareholders and very limited operational connection to Canada, the Directors are exploring the possibility of re-domiciling the Company from Canada to a European country in order to better service its shareholder base, reduce costs as well as corporate complexity.
“As we enter this process of improving alignment of our corporate structure with our shareholder and asset base, the business is in excellent shape to take advantage of the opportunity to deliver the next phase of growth, both in Tanzania and Mozambique, and potentially beyond these jurisdictions and I look forward to working with a new CEO to achieve this,” says executive chairman Bob McBean.