Posted By Global Banking and Finance Review
Posted on February 19, 2025
(Corrects to remove unrelated company's ticker symbol)
(Reuters) -British oilfield services and engineering firm Wood Group's Chief Financial Officer Arvind Balan stepped down from his role with immediate effect on Wednesday, following an incorrect description of his professional qualifications.
"I made an honest oversight with respect to the description of my professional qualification as a chartered accountant instead of a certified practicing accountant," Balan said in a statement.
Balan joined Wood as CFO in April, after a two-year stint at Rolls-Royce's Civil Aerospace business as finance chief.
He previously held executive financial roles at oil major Shell for fourteen years, before joining the aero-engineer.
Wood Group forecast negative cash flow for another year on Friday, after a tumultuous past few years of activist investor pressure to consider a sale, two unsuccessful takeover proposals and a review of its financials.
(Reporting by Prerna Bedi in Bengaluru; Editing by Alan Barona)