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BG boss in shock resignation

by Robert St George on Apr 28, 2014 at 07:55

BG boss in shock resignation

Chris Finlayson has quit as chief executive of gas giant BG Group.

BG’s board confirmed it had accepted his resignation with immediate effect, and revealed that Finlayson was leaving for personal reasons.

Andrew Gould, BG’s non-executive chairman, will become interim executive chairman until a permanent replacement is appointed.

‘I would like to thank Chris for his contribution to the group over the past four years and we wish him well for the future,’ said Gould.

‘The company must accelerate the creation and delivery of the longer-term value for our shareholders, while delivering the group’s business plans. The board felt that it was in the best interests of the group to accept Chris’s resignation and seek fresh leadership to deliver both of these priorities.’

BG stated that a recruitment process to find an external successor to Finlayson was now underway, with Gould to revert to the role of non-executive chairman once the new chief executive is named.

The firm will disclose its first quarter results on 1 May, but advised today that its key projects remained on schedule.

However, BG warned that its operations in Egypt remained ‘challenging’, with volumes in the first quarter declining by 35% from the previous quarter. The group therefore admitted that its production guidance for 2014 would now come in at the lower end of the expected range.

BG’s share price has dropped by 12% so far this year, weighed down by the ongoing issues in its Egyptian business.

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