Tan, who was appointed yesterday, is the president director of coal supplier of PT Borneo Lumbung Energi & Metal.

Rothschild, who was also a co-founder of Bumi, will remain on the board as a non-independent director.

Nalin Rathod has been appointed as Bumi’s chief executive officer while Scott Merrillees replaced Andrew Beckham as chief financial officer. Indra Bakrie will remain in post as Tan’s co-chairman.

Rothschild got caught up in a bitter clash with the Bakrie Group earlier in the year when he released a public letter to the Bakrie family demanding better corporate governance at Bumi.

The Bakries fired back, demanding the removal of Rothschild and his associates from the Bumi board.

Bakrie then reportedly sold a 23.8% stake in Bumi to PT Borneo, making up a 29.9% interest at Bumi.

Tan said the management structure would ensure a prosperous future for Bumi.

“The management changes will strengthen our team and also increase the presence of key executives in London,” he said.

Tan told the Jakarta Post that he hoped the board changes would put an end to the company feuding, which has dogged the company.

“From now on let’s just look ahead, work hard and move forward,” he was quoted as saying.

“I hope that from now on you won’t see any more arguments, especially in the public domain.”

Alongside the boardroom shuffles, Bumi announced that it recorded full-year underlying earnings of $33 million.

The coal producer reported an annual loss of $282 million in 2011, jumping from a $108 million loss in 2010.

Bumi said it was on track to deliver 23 million tonnes of coal this year from its subsidiary Berau Coal and 75Mt from PT Bumi Resources.