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Ecoslops, a technology company that upgrades ship-generated hydrocarbon residue, or 'slops', into fuels and light bitumen, has announced the appointment of its new chairman.

Michel Pingeot is to stand down from his position as chairman of the board of directors effective 15th November 2016, following his divestment of a 3 percent stake in Ecoslops to SOPREMA, a leading player in waterproofing, insulating and protection for buildings.

Pingeot is to be put forward as censor and honorary chairman of the board, Ecoslops explained in a statement on Monday.

As a result of Pingeot's resignation, Ecoslops said the board of directors met on Monday and agreed to appoint Vincent Favier [pictured], the company's current CEO, as the new chairman of the board effective 15th November 2016.

Commenting on the work carried out by its current chairman, Ecoslops said: "Michel Pingeot is behind the innovation that enabled the company to be created. He was the driving force during the construction and launch of the first industrial site in Sines, Portugal. He deserves wholehearted thanks for the vision he has deployed and the energy he has provided to this innovative project, which has made it possible to design a truly technical, commercial and sustainable solution to the processing of ship-generated hydrocarbon residue."

Pierre-Etienne Bindschedler, president of the SOPREMA group, has been co-opted as a board member by the board of directors effective November 15, 2016, pending the ratification of his appointment by the shareholders' meeting, due to be held in 2017.