Parkmead Group, the Aberdeen-based specialist oil and gas investment and advisory firm, announced a change at the top yesterday.
It said Niall Doran had stepped down from the role of chief executive, with immediate effect, to be replaced by executive chairman Tom Cross.
Its statement added: “The board of directors would like to take this opportunity to thank Niall for his efforts on behalf of the company over the past five years and wish him every success in his future endeavours.”
Neither Mr Doran or Mr Cross could be contacted for comment on the change, while Parkmead failed to respond to inquiries.
Mr Doran started his career in 1992 with global management consulting, technology services and outsourcing company Accenture.
He later joined the energy practice of Accenture, working on big deals with BP in Brussels, Moscow and Houston, becoming a partner in 2000.
His role at Parkmead, formerly Interregnum, began after a spell as CEO at an Indian company providing services to the energy sector.
Mr Cross quit Aberdeen-based oil and gas operator Dana Petroleum last November after a £1.67billion buyout by South Korea’s national oil company.
Other senior bosses from Dana followed him to Parkmead, which moved its headquarters to the Granite City from London at the end of 2009 after buying Aberdeen University spinout company Aupec.
Alternative Investment Market-listed Parkmead invests in exploration and production companies as well as licences, with a focus on Europe, Africa and the Middle East.
Its current investments include a 2.06% share in Faroe Petroleum, an independent oil and gas company focused on exploration and appraisal drilling near Faroe, west of Shetland, the North Sea and Norway.
In May, Parkmead and Aberdeen oil firm DEO Petroleum announced a “strategic alliance”, paving the way for collaboration on projects.
The pair agreed to pursue joint opportunities and work together on a 50:50 basis in three areas within the UK central North Sea. Parkmead shares added 5.3% at 12.38p.