REG - Wood Group (John)PLC - Appointment of new CFO

John WoodAnnouncement

01/11/2023 07:15

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RNS Number : 9439R  Wood Group (John) PLC  01 November 2023

 

 

1 November
2023
This announcement contains inside information

 

Appointment of new CFO

 

John Wood Group PLC ('Wood' or 'the Company') today announces the appointment
of Arvind Balan to the Company's Board as Chief Financial Officer (CFO) and
Executive Director, effective from 15 April 2024.

 

Arvind has been Chief Financial Officer of the Civil Aerospace business of
Rolls-Royce, the FTSE 100 aerospace and defence company, for the last two
years. The Civil Aerospace business has annual revenue of around £6 billion
and employs around 18,000 people.

 

Prior to this, Arvind held a number of executive financial leadership roles at
Shell where he worked for 14 years across the UK, Singapore and China. He is a
chartered accountant and holds an MBA from the Indian Institute of Management.
He will be based in London.

 

Arvind's election as a director will be subject to approval by the Company's
shareholders at the AGM in May 2024. He will succeed David Kemp, whose
intention to retire was announced on 22 August 2023. David will remain with
Wood to ensure a smooth transition and a further announcement will be made
when the date of his retirement is known.

 

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."

 

Arvind Balan, incoming Chief Financial Officer, 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."

 

There is no further information that is required to be disclosed under Listing
Rule 9.1.13R of the UK Listing Authority.

 

The person responsible for arranging the release of this announcement on
behalf of Wood is Martin McIntyre, Group General Counsel and Company
Secretary.

 

 

For further information:

 Simon McGough, President, Investor Relations  +44 (0)7850 978 741
 Alex Le May / Ariadna Peretz, FTI Consulting  +44(0)2037271340  FTI_Wood@FTIconsulting.com
                                               (mailto:FTI_Wood@FTIconsulting.com)

 

 

Note

Once the date of David Kemp's retirement has been decided, a further
announcement concerning the date will be made, and a statement concerning
particulars of remuneration in accordance with section 430(2B) of the
Companies Act 2006 will be released.

 

 

 

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