MXP.L Share News (MXP)

The boss of Kazakhstan-focused oil & gas explorer Max Petroleum is leaving as part of a 4m US dollars cost-cutting drive.Max said Michael Young would step down immediately as President and Chief Financial Officer and would be replaced in the latter role by the group's Chief Accounting Officer and Company Secretary, Kevin Clark. Executive Co-Chairman Robert Holland, will become Interim Chief Executive. Holland said: "Mike has done an excellent job under challenging circumstances and his departure reflects the company's evolution from primarily exploration to development and production."The departure is part of annual ongoing cost reductions of about US$4m, a saving of more than 30% from total general and administrative costs in the tax year to March 31st, excluding share based payments. Max is also setting aside about $3.8m for severance and other transitional expenses linked to cost cuts including closure of the company's Houston office this year, downsizing the company's London office and reducing senior management and administrative staff in Houston, London and Kazakhstan. Shares in Max fell 0.02p or 1.1% to 1.3p at 12:28 in London. PW