Slovenia's Petrol board member resigns

Petrol's supervisory board accepted the resignation of Bitenc who took up the board member function in March 2020 and was responsible for finance, accounting, treasury, business intelligence, controlling, risk management and back office, the company said in a filing to the Ljubljana Stock Exchange on Friday.

"Up until now, Matija Bitenc performed two functions. He was a member of the management board of Petrol, and the general manager of Geoplin. Due to the complexity and extensiveness of both roles, he decided to focus solely on managing Geoplin," Petrol, which is majority shareholder in Geoplin, said.

The function of Bilenc as board member of Petrol ended on December 8, but he will remain with the company until January 4, 2024, to hand over his duties and responsibilities, the company noted.

Earlier this month, Slovenia's sovereign holding company, SDH, called on the supervisory board of Petrol to provide additional information to shareholders regarding several changes in the composition of the company's management board this year. According to SDH, the reasons for the changes were not adequately communicated to the shareholders or the interested public.

Last month, Petrol's supervisory board appointed Saso Berger as CEO to replace Nada Drobne Popovic whose contract was terminated early.