Feronia Inc. announced a number of management changes. Xavier de Carniere has decided to resign as the Company's Chief Executive Officer and as a director of the Company's applicable subsidiaries. Mr. de Carniere will continue in his role of CEO until June 30, 2019 but will remain with the Company as a strategic advisor until December 31, 2019. Following Mr. de Carniere's departure, Mr. Frank Braeken, currently Non-Executive Chairman, will become Executive Chairman and Mr. Yanick Vernet will become Chief Operating Officer of Feronia Inc. Mr. Vernet joined Feronia in July 2018 as Managing Director of Feronia's palm oil subsidiary, Plantations et Huileries du Congo ("PHC"). He has lived and worked in Africa for almost four decades and has extensive experience in African agriculture and related industries. The Company is also announced the appointment of Mr. Gilles Marit as Chief Financial Officer. Mr. Marit joins the Company on June 1, 2019 and will replace Mr. David Steel who leaves the Company on June 30, 2019.
Prior to joining Feronia, Mr. Marit spent almost a decade working in Central and South America for the Greenyard Group, one of the larger sourcing networks for fruit and vegetables in the world. The appointments of both Mr. Marit and Mr. Vernet are subject to the approval of the TSX Venture Exchange.