BG Group’s Barbosa Steps Down as CFO to Head South America Unit
Barbosa, 52, was granted a leave of absence in September to undergo medical treatment in his native Brazil. He started as CFO in March 2011. In his new role, he will “provide senior counsel and advice” to teams in Bolivia, Chile, Uruguay and Brazil, the company said.
Group Financial Controller Den Jones will continue to serve as interim CFO until a successor is found, BG said. He was appointed a director of the company today.
BG appointed Chris Finlayson as chief executive officer in December to replace Frank Chapman, who had transformed the former state-owned gas driller into a global producer over 13 years. BG has stakes in Brazil’s largest oil fields, which include the biggest discoveries in the Americas in the past three decades.
“I would like to express on behalf of BG Group’s Board our sincere thanks to Fabio for all his excellent work as CFO over the last two years,” BG Chairman Andrew Gould said in a statement.
While shares more than tripled under Chapman’s leadership, the stock has slipped 14 percent since Oct. 31, when the company said output won’t grow in 2013 because of project delays.
BG won’t reach its 1 million-barrel-a-day production target in 2015 and expects to pump 630,000 to 660,000 barrels a day this year, the Reading, England-based company said Feb. 5. Fourth-quarter profit after disposals and one-time items fell 29 percent to $1.03 billion.
Royal Dutch Shell Plc is the U.K.’s biggest energy company, followed by BP Plc.
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