Presco appoints François Van Hoydonck to board amid continued director exits

Presco Plc has appointed François Van Hoydonck as a Non-Executive Director, marking the second time in four months that the Nigerian palm oil producer has filled what it described as a "casual board vacancy" without disclosing which director left the board.

The appointment was announced in a regulatory filing dated 29 May and signed by the company's secretary, Frederick Ichekwai.

According to the disclosure, Van Hoydonck's appointment was made to fill a casual vacancy on the board. However, the company did not identify the director whose departure created the opening.

This is the second such appointment by Presco in 2025. Under the Companies and Allied Matters Act (CAMA), a casual vacancy arises when a board position becomes vacant unexpectedly due to resignation, death or other unforeseen circumstances.

Board changes at the company have accelerated in recent months. Since November 2024, four directors have resigned, while Group Managing Director Felix Nwabuko retired in January. Three of those departures resulted in casual vacancies requiring board replacements.

The developments come amid limited public disclosure regarding the company's board composition. Presco did not provide details of its board structure in its unaudited first-quarter financial statements filed on 1 May. The company has also yet to publish its 2025 Nigeria Code of Corporate Governance (NCCG 2018) compliance report, leaving shareholders with little information about recent boardroom changes.

The corporate governance code requires directors who resign to submit their resignation to the board chairman and state the reasons for their departure.

"The company is pleased to announce the appointment of François Van Hoydonck as a Non-Executive Director to fill the vacancy," Ichekwai said.

Van Hoydonck spent most of his professional career at SIPEF, where he served in several senior leadership roles, including Chief Financial Officer, Managing Director and Non-Executive Director. Following his retirement from SIPEF in late 2024, he also served as a director of Jabelmalux SA.

His appointment remains subject to shareholder approval at the company's next Annual General Meeting, in accordance with the provisions of CAMA.