US FSRU player Excelerate Energy has announced management changes, including the departure of its chief commercial officer Daniel Bustos.
Excelerate said in a statement it has separated the current role and responsibilities of chief commercial officer into two executive positions: chief development officer and CCO, both of whom will report to CEO Steven Kobos.
As a result, Bustos will step down from his role as CCO effective November 16, 2023.
To assist with the transition, Bustos will serve as “a senior advisor to the company until May 31, 2024, when his employment will be terminated,” Excelerate said.
In connection with Bustos’ transition to a senior advisor role and subsequent departure, Bustos and Excelerate entered into a transition services and separation agreement.
Among other things, the agreement provides that Bustos will receive continued payment of his current base salary through his departure date, a transition bonus of $221,468, subject to Bustos’ compliance with his obligations under the agreement, and severance payments and benefits in accordance with the terms of the Excelerate severance plan, the company said.
In addition, effective November 16, 2023, Excelerate appointed Oliver Simpson as its executive VP and CCO reporting to Kobos.
Simpson, age 42, has served as VP, commercial of the company since 2017 and has been with the company since January 2014.
Prior to joining Excelerate, he was the head of LNG chartering at Fearnley Offshore and a gas trader at Total Gas and Power North America.
Excelerate added that an interim chief development officer will serve in the position until a permanent successor is identified.
The US firm currently operates ten FSRUs, one of the world’s largest fleets of such vessels, and these units are located around the globe, including in Europe, Brazil, Bangladesh, and Pakistan.
The firm ordered one 174,000-cbm FSRU at South Korea’s Hyundai Heavy Industries last year.
Excelerate is also looking to order another FSRU to further grow its business.