Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

BG boss in shock resignation

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter