AFTER ten years as managing director and chief executive of Linc Energy, Peter Bond will transition to the role of executive chairman.

Executive director Craig Ricato, who has been with Linc since 2008, will replace Mr Bond, with Michael Mapp as chief operating officer.

Mr Bond said Mr Ricato had the necessary management and leadership skills to take the company to the next state of its development.

“While a number of candidates were considered, a major determining factor for Craig’s appointment was the board’s desire to appoint someone who not only had the experience required for this role, but also someone who knows the business and its history very well and understands the immense opportunities that are available to us,” he said.

“The demands of the last ten years has required a tremendous sacrifice from both my family and me, so I am looking forward to now performing more of a strategic management role on my journey with Linc Energy.

“In my role as executive chairman I will still be involved in the executive management of the business, however my new role will allow me greater time to focus on key strategic developments and investor relations.”

The company’s outgoing chairman, Ken Dark, will remain on the board as a non-executive director.

Mr Dark said the new management changes, which are effective immediately, would serve the company and its shareholders well over the coming years.

After joining Linc in 2008 as general counsel and company secretary, Mr Ricato was promoted to executive director of legal & corporate affairs for the company in October 2010 where he was responsible for all transactional and corporate legal matters, including Linc’s compliance with listing requirements in Australia and regulatory requirements within Australia and overseas.

Mr Ricato has provided legal guidance to the board and company departments and managed various corporate functions within the group, including the provision of legal advice during Linc’s oil and gas acquisition program.

Mr Ricato said Mr Bond’s entrepreneurial style leadership had meant Linc had successfully grown from a small business with just four employees into a publicly-listed global company with a highly skilled workforce and significant resource assets, including unique intellectual property platform and projects throughout the Asia Pacific, Europe, Africa and North America.

“I look forward to building on this dynamic base and taking Linc Energy on the next stage of its growth.”