08:26 AM EDT, 04/22/2024 (MT Newswires) -- Tidewater Renewables Ltd. ( TDWRF ) , which lost 2.5% last Friday, on Monday announced that John Adams has resigned as a director due to "potential future conflicts of interest" identified by Adams with respect to his position.

Also, as of May 16, 2024, Raymond Kwan will no longer be the Chief Financial Officer of the corporation. The company didn't say why Kwan was leaving the role, but it had previously outlined plans to cut costs.

Effective May 16, 2024 , Ian Quartly will be appointed as the new Chief Financial Officer. He is currently Vice President, Accounting and Finance at Tidewater Midstream and Infrastructure Ltd. ( TWMIF ) and will continue to also serve in that role.

Meanwhile, in a corporate update, the company said the Renewable Diesel & Renewable Hydrogen Complex "continues to operate well" in the first quarter, exceeding previous guidance for the corporation's first quarter. It added: "So far in the second quarter the HDRD has run at 96% utilization of design capacity and has recently been able to exceed name plate capacity operating at approximately 3100 bbls/day. Through the remainder of 2024, the corporation will continue to focus on generating free cash flow and is on track to reduce debt and strengthen its balance sheet."