Source - SMW
Capital Drilling senior independent director Tim Read has given notice of his intention to retire at the end of the current financial year.

The company said that as part of an orderly succession process, it had appointed David Abery as an independent non-executive director  and audit committee chairman, with immediate effect.

Abery was previously finance director of Petra Diamonds from 2003 to 2016.

 Abery will take over from Read as audit committee chairman and will also join the remuneration and nomination committees with immediate effect. 

The company said there would be a transition period until 31 Dec during which Read would continue in his role as senior independent non-executive director and a member of the group's audit, remuneration and nomination committees.  

At the end of this period, Abery would be appointed as senior independent non-executive director and Read would retire from the board.   

At 9:30am: (LON:CAPD) Capital Drilling Ltd share price was 0p at 39p