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February 15, 2013 5:29 pm
Fabio Barbosa has stepped down as chief financial officer at BG Group though he will remain at the FTSE 100 oil and gas producer helping oversee the development of its South American interests.
Mr Barbosa was identified in late 2011 as one of three internal candidates to replace BG Group’s former chief executive Sir Frank Chapman who retired at the end of December.
However, Mr Barbosa, a former chief financial officer at Brazilian mining group Vale, was in effect ruled out of the protracted succession race after he stepped down from his role last September to undergo medical treatment in his native country.
Chris Finlayson finally emerged as winner of the race to succeed Sir Frank in December. The race had also included Martin Houston, chief operating officer, as well as a host of possible external candidates.
News of his leave of absence was followed in late October by a production downgrade in late October that knocked a fifth off BG’s share price.
Mr Barbosa has been appointed chairman of BG South America and will be based in Rio de Janeiro where he will continue to shape the company’s multibillion dollar investment in developing offshore oil fields along with local partner Petrobras.
During his spell as chief financial officer, the former senior executive at Brazil’s ministry of finance helped plan a divestment programme at BG that is now expected to release $8.1bn of capital by the end of this year.
Andrew Gould, chairman, praised Mr Barbosa’s efforts for “materially strengthening our balance sheet position, helping underpin investment in, and the delivery of, our key global growth opportunities”.
Interim chief financial officer Den Jones has been appointed to the BG board although the company said on Friday that it would conduct an examination of potential internal candidates and an external search before a permanent replacement to Mr Barbosa was named.
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