Finance
UK's Wood Group CFO Steps Down After Inaccurate Description of Qualifications
Published by Global Banking & Finance Review®
Posted on February 19, 2025
1 min readLast updated: January 26, 2026
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Quick Summary
Wood Group's CFO Arvind Balan resigned due to misrepresented qualifications, impacting the firm's financial outlook amid ongoing challenges.
Wood Group CFO Resigns Following Misrepresentation of Qualifications
(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)
Key Takeaways
- •Wood Group CFO Arvind Balan resigns immediately.
- •Misrepresentation of professional qualifications cited.
- •Balan was previously with Rolls-Royce and Shell.
- •Wood Group faces financial challenges and activist pressure.
- •No immediate successor announced for the CFO position.
Frequently Asked Questions about UK's Wood Group CFO steps down after inaccurate description of qualifications
1Why did Arvind Balan resign from Wood Group?
Arvind Balan stepped down due to an incorrect description of his professional qualifications, mistakenly identifying himself as a chartered accountant instead of a certified practicing accountant.
2What was Arvind Balan's previous experience before joining Wood Group?
Before joining Wood Group as CFO, Balan served as the finance chief at Rolls-Royce's Civil Aerospace business and held executive financial roles at Shell for fourteen years.
3What financial outlook did Wood Group provide recently?
Wood Group forecasted negative cash flow for another year, following a challenging period marked by activist investor pressure and two unsuccessful takeover proposals.
