James Smith, who resigned from Capricorn Energy's board this week amid shareholder pressure over the firm's merger plans, will continue as CFO on a transitional basis, a spokesperson said on Feb. 3.

In a big win for activist investor Palliser, Capricorn shareholders on Feb. 1 voted in favour of six new directors it had proposed, with the new board set to conduct a strategic review of Capricorn's businesses.

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Seven out of nine directors, including the chair, CEO Simon Thomson and Smith had resigned from the board in the preceding days. Chris Cox, one of Palliser's board nominees, has become interim CEO.

Shareholders will vote on Feb. 22 on a merger plan with Israeli gas firm NewMed, which was recommended by the former board. Capricorn's biggest shareholders and major proxy advisers have already come out against the deal.

The spokesperson declined to comment on how long Smith might continue as finance chief.