Aberdeen-headquartered Wood Group (LON:WG) has announced that its chief financial officer (CFO) Arvind Balan has resigned from his position with immediate effect.
According to a group statement, he stepped down over the “incorrect description of his professional qualifications in various statements in the public domain”.
Balan said: “Regrettably, I made an honest oversight with respect to the description of my professional qualification as a chartered accountant instead of a certified practicing accountant.
“I continue to believe in the long-term potential of the company and its people. My decision is based on minimising distraction at this very pivotal time with our investors and lenders.”
Balan had been in the position for a little over a year, having joined the group in November 2023 and been approved in April 2024.
He joined the energy services group from Rolls-Royce, where he served as their CFO of its civil aerospace business for two-years.
He succeeded Wood’s previous CFO, David Kemp, who retired in August 2023.
Wood CEO Ken Gilmartin said: “On behalf of the board and the company, I would like to wish Arvind all the best in his future endeavours”.
The company said that an announcement on Balan’s successor, and interim cover, will be made in due course.
The last few months have been challenging for Wood, with Ken Gilmartin saying he was “disappointed” in its 2024 financial performance.
Having suffered a loss in the first half of the year, it has since managed to get it full-year performance back on track, but the firm still has more to do to get back on track.
The company was also caught up last year in a failed takeover attempt by Middle Eastern firm Sidara. The group ultimately decided to step away from the deal after looking over Wood’s books.
Wood has also taken serious damage to its share price, going from 65.4p per share when markets closed last Thursday, to now hovering around the 25p mark, a fall of around 64%.
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