Po Valley Energy Ltd (ASX:PVE) has announced a change in its executive leadership, appointing Mr Kevin Bailey AM as Executive Chair and Chief Executive Officer (CEO), effective immediately. Po Valley Energy is an Australian based company focused on gas production in Italy. The company has a robust balance sheet and is generating significant free cash flow each month.
The leadership transition aims to enhance strategic execution and deliver long-term value for shareholders. Mr. Bailey, who previously served as Chair of the Board, brings extensive experience and a significant personal investment in the company, owning 25% of the company’s shares. The Board is committed to supporting the Company through all stages of its development and ensuring the right leadership is in place to guide its strategic priorities.
Mr. Bailey expressed his commitment to the role, stating that Po Valley Energy is well-positioned, with over AUD 12 million in cash and substantial free cash flow. The company aims to potentially quadruple its natural gas production in Italy, pending the successful permitting of new wells in the Selva Malvezzi Production Concession.
The material terms of Mr. Bailey’s Executive Services Agreement include a 12-month term with a fixed remuneration of $265,000 (0.6 FTE) plus statutory superannuation. Either party can terminate the agreement with 3 months’ notice. Short-term and long-term incentives are subject to Board discretion and shareholder approval for any equity securities.
