Coal refiner Evergreen Energy Inc. on Wednesday announced several changes to its board and said it will seek shareholder approval to cut the terms of its directors to one year from three.
Evergreen said company founder Theodore Venners will not stand for re-election to the board at the June 17 annual shareholder meeting because of a rule that allows only one member of management to serve as a director. President and Chief Executive Kevin R. Collins will continue to serve on the board.
The company also said John V. Lovoi resigned from the board "to devote more time to other business interests."
Robert J. Clark has resigned his role as nonexecutive chairman but remains on the board.
To fill the vacancy, the company named William H. Walker Jr. to the post of nonexecutive chairman. Walker, 62, is former president of New Orleans-based investment firm Howard Weil Inc.
The changes bring the board's total members to 10, nine of whom are independent.
Also, the company said it will seek shareholder approval for a proposal to re-elect all directors annually by 2010. Currently, the board serves three-year terms.
Shares rose 2 cents to $1.52 in afternoon trading.
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