Wood Group has announced the appointment of a new chief financial officer (CFO) and executive director.
Arvind Balan has been CFO of the Civil Aerospace business of Rolls-Royce for the last two years, which has an annual revenue of around £6billion.
Mr Balan had previously held a number of leadership roles at Shell, where he spent 14 years working across the UK, China and Singapore.
He'll take over in April 2024, after current CFO David Kemp announced his plans to retire earlier this year.
Mr Balan's election as a director will be subject to approval by the Company's shareholders at the AGM in May 2024.
Roy Franklin, Wood's Chairman, said: "We are delighted Arvind is joining us at an exciting time for Wood. 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.
"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."
Ken Gilmartin, Wood's CEO, said: "Arvind is an experienced and dynamic financial leader with strong capital markets and operational experience in industries and geographies in which Wood excels.
"He is passionate about growth and transformation, and I look forward to working with Arvind on realising our significant potential. I echo Roy's thanks to David for his leadership and commitment to Wood."
Mr Balan said: "Wood has always stood out for me as a company with unique potential.
"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.
"I'm delighted to join as CFO to help drive growth in a very exciting time in the company's transformation.
"It is a privilege to join Wood's Board and executive team to deliver collective success for our employees, clients and shareholders."
FTSE 100
The UK's flagship share index, the FTSE100, was up 22-points at 7,344 shortly after opening this morning.
Meanwhile, Brent crude futures were up 0.28% at $85.26 a barrel this morning.
Companies reporting today
- ASOS - Full year results
- Aston Martin Lagonda - Q3 results
- GSK - Q3 results
- Next - Q3 trading statement
- PayPal - Q3 results
- Smurfit Kappa Group - Q3 trading statement
- Weir Group - Q3 interim management statement