A little more than a year into his post, BG Group’s chief executive Chris Finlayson has resigned with immediate effect.
The head of the major UK oil and gas group cited ‘personal reasons’ for his exit.
The announcement comes as the firm also dumped its three-month old output forecasts.
Finlayson joined BG from Royal Dutch Shell in 2010. He took over the leadership role from former chief executive Frank Chapman at the at the start of last year.
Earlier this year, BG’s shares took a dive. Delayed projects in the North Sea, Brazil and Australia forced Finlayson to issue a profit warning in January. The announcement instantly shaved 14% of BG’s shares.
Non-executive chairman Andrew Gould will take over at the helm of the group in Finlayson’s absence. Gould will revert to the position of non-executive chairman once a permanent replacement is appointed.
Andrew Gould said: “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. The board of directors is fully committed to the group’s strategy, which is built upon a portfolio of high-quality assets.
“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’ resignation and seek fresh leadership to deliver both of these priorities.”
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