BG Group has appointed former Scottish Power strategy director Simon Lowth as its new chief financial officer.
Lowth, currently performing the same role for AstraZeneca, will join the oil and gas exploration firm in November this year, after six years at the pharmaceutical giant.
The 51-year-old, started his career at McKinsey, will succeed Den Jones, who has been serving as interim CFO at BG Group since February this year. He briefly served as interim CEO at the drugs firm earlier this year.
Prior to joining AstraZeneca, Lowth served as corporate strategy director and finance director at Scottish Power from 2003 to 2007. He is also a non-executive director of Standard Chartered.
“Simon knows the gas and power industry well and has a good background in engineering,” said BG Group chief executive Chris Finlayson.
“He brings with him a great combination of finance, capital allocation, value-based planning, portfolio management and strategy skills – critical skills as we execute our strategy to deliver long-term value to shareholders and focus on excellence in execution.
“I would also like to thank Den for his tremendous commitment, hard work and achievements during a challenging period for the business”.
Lowth will be pick up a £725,000 baseline salary, in line with industry peers, with BG Group also compensating him for any loss of bonus he would be due from AstraZeneca through his resignation.
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