Watkin steps down as chairman

Karl Watkin, who founded Middlesbrough, U.K.-based D1 Oils six years ago, announced in September that he will be stepping down as chairman of D1 Oils. “What D1 is doing to pioneer biodiesel feedstocks from inedible oil crops grown in developing countries has, I believe, real potential to deliver tremendous economic, social and environmental benefits,” he said. The announcement was made as D1 revealed that interim losses had grown from £3.5 million (US$6.49 million) to £4.7 million (US$8.72 million) in the six months to June 30 with turnover static at £32,000 (US$59,369). Watkin will remain as a non-executive director but will be replaced as chairman in early 2007 by former Shell Chairman Lord Oxburgh. “D1 is firmly established, it’s not just a vision any more it’s a real business and it needs someone who is more blue chip than I am to take the business forward, said Watkin. Since the start of the year, D1 has boosted its plantation program by 68,000 hectares to 110,000 hectares in India, southern Africa, southeast Asia and China. (September 28, 2006)