Appointment of new CFO

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	[phone]
Alex Le May / Ariadna Peretz, FTI Consulting	[phone]  [e-mail]

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.

 

END