Carnarvon Petroleum appoints replacement with long-serving chairman to retire

Carnarvon Petroleum Limited (ASX:CVN) long-serving chairman Peter Leonhardt intends to retire after the completion of the company's 2020 annual general meeting (AGM).

The board has therefore appointed William (Bill) Foster, who has been a director of the company since 2010, as the new chairman following the AGM.

This change has been planned for a considerable period of time and has been managed in a manner that ensures an orderly succession process for the company.*"Poised to be significant producer"*

Leonhardt said: "I'm incredibly proud to have overseen the transformation of the business from a junior explorer to one that is poised to become a significant producer and explorer and a major contributor to the Australian economy and community.

"We have been planning this change for some time and I can assure all of our shareholders that Bill is superbly qualified to lead us through our next phase of growth in which we recently embarked upon in terms of the development of the Dorado project."

The board recently commenced a search process for a new non-executive director.