MOSAIC Oil founding director and chief executive officer, Dr Howard Brady, has taken early retirement, resigning from all his positions with the company effective immediately.

Mosaic Oil chief, Dr Howard Brady.

Following a management review, Brady had been asked to take early retirement as part of Mosiac's future planning, according to company chairman Don Stammer.

"Over the last seventeen years, Howard Brady has built up within the industry and the market in general a record of the highest integrity and a high level of contact on a personal basis with many shareholders," Stammer said.

Brady will receive full entitlements of his contract due to end in June 2006.

Brady asked shareholders to see this decision as positive and forward-looking, according to Mosaic.

Deputy CEO and fellow director, Lan Nguyen, has been appointed acting CEO.

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