Wood Plc (LON: WG) has announced the appointment of Arvind Balan as its new chief financial officer and executive director.
Mr Balan joins the Aberdeen-headquartered energy services giant after serving for the last two years as chief financial officer of the civil aerospace business of FTSE-100 listed Rolls-Royce.
A chartered accountant, Mr Balan previously held a number of executive financial leadership roles at Shell where he worked for 14 years across the UK, Singapore and China.
In a statement, Wood said Mr Balan’s election as a director will be subject to approval by shareholders at the company’s annual general meeting in May 2024.
Mr Balan succeeds David Kemp, who announced his intention to retire earlier this year in August.
Wood chairman Roy Franklin said Mr Balan was joining at an exciting time for the company.
“His deep industry experience in energy and engineering businesses, coupled with his strategic financial leadership to deliver purposeful and profitable growth is a great fit,” Mr Franklin said.
“I know Arvind will be a strong addition to Wood’s Board of Directors and the executive leadership team at a time of continued transformation for Wood.
“I also thank David for his years of service to Wood and wish him every success for the future.”
Mr Balan said it was a privilege to join Wood’s board and executive team.
“Wood has always stood out for me as a company with unique potential,” he said.
“With over 35,000 highly skilled employees, long standing client relationships and world class technical capabilities, the company is well placed in its growth journey as a leader in the energy and material markets.”
Wood 2023 performance
Wood has had a strong start to 2023, reporting “good trading” across all business units in its half-year trading update in July.
Revenue for the first six months of the year was estimated to be around $2.9 billion, up around 15%, while adjusted EBITDA was at about $195 million, an increase of some 6%.
Wood also boosted its headcount during the period by 5%, taking its total workforce to 35,600 people, as it bagged “significant contract wins”.
Also in July this year, the company’s offices in Aberdeen and Staines were also targeted by Extinction Rebellion activists.
Recommended for you
