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Young Accountant of the Year quits AIM-listed CFO role

THE 2012 Young Accountant of the Year has quit her role as CFO of embattled oil company Sefton.

Raylene Whitford, who picked up the Young Accountant gong at the British Accountancy Awards, is to step down as CFO at Sefton Resources within the month.

She has served in the role since April, and is another departure in a long line of executive moves in recent times for Sefton.

Jossy Rachmantio, executive chairman, said Whitford was “often the sole face and voice of the company”. “…She dealt with a wide variety of issues, problems, challenges and opportunities in her short time with Sefton.

“At all times, she reflected professional values, leadership and high quality decision making. She came into the company at a time of transition to new hands-on leadership following a period without defined officer roles in place, and immediately provided stewardship over assets, records, and people. In the unsettled period following the transition to UK from USA, she was the measure of integrity in dealing with investors, creditors and service providers.”

The company revealed today that the NOMAD lined up by interim CEO Clement Chambers and non-exec Michael Hodges, will no longer be taking the role. Current NOMAD Allenby Capital will continue with its plan to resign the role – and Sefton’s AIM shares will be suspended if a replacement is not found.

It has also been fighting a bankruptcy claim in the US, brought by a former executive chairman James Ellerton.

An EGM had been proposed in September to remove a number of directors, including Whitford, from the board. They all agreed to leave the company, with Chambers and Hodges joining. Its half-year trading statement, issued on 30 September, said the company had faced “significant challenges” during the period, but had increased net assets by $2m over the period.

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