Prospex Energy (PXEN) has announced a senior management transition, with chief executive Mark Routh set to retire and Tom Reynolds due to take over the role.
Routh has advised the board of his retirement as CEO and as a director. Reynolds will be appointed CEO and a director with effect from no later than 1 February 2026, allowing time for him to wind up pre-existing commitments, with Routh’s retirement taking effect from the same date.
Reynolds has held senior leadership roles in listed energy companies, including chief executive positions at Scirocco Energy and Bridge Energy. He is currently a non-executive director of Zephyr Energy and will continue in that role. Prospex added that Reynolds also has executive experience across privately held energy, energy investment and finance businesses, and holds a Bachelor of Engineering in Chemical and Process Engineering with First Class Honours.
Going forward, Routh will support the handover by helping develop Reynolds’ knowledge of Prospex’s investments and partners, with the transition support expected to last no more than three months.
Prospex said Reynolds will receive a remuneration package with a meaningful equity component, subject to signing a definitive employment contract. This includes a £50,000 signing bonus, expected to be settled through the issue of Convertible Loan Notes (CLNs) currently being offered by the company. Of his £250,000 annual salary, around £50,000 will be satisfied in equity, paid monthly. In addition, Reynolds will be awarded nil-cost options over around 3.5% of Prospex’s share capital, exercisable on a liquidity event accepted or approved by shareholders.
In addition, the board confirmed that the previously announced up to £1.6 million CLN offering remains open for subscriptions, with interested qualified investors directed to contact the company’s brokers VSA Capital or Hannam and Partners.
CEO designate Tom Reynolds said: "I am delighted to join the highly capable Prospex team and board. Prospex has an attractive asset base within the European energy market where each asset has a path to significantly increase reserves and production, offering a clear route to value growth. I look forward to engaging with Prospex partners and stakeholders over the coming months and building on the existing solid foundation, delivering a clear path to value for shareholders."
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A planned CEO transition with a defined latest start date should help keep momentum across Prospex’s European gas and power portfolio. The mix of cash, equity-linked salary and event-based options also ties the incoming CEO’s incentives to shareholder outcomes.