Austria's OMV Preparing to Replace CFO


VIENNA, Oct 29 (Reuters) - Austrian oil and gas company OMV is preparing to replace long-serving chief financial officer David Davies and discussions with potential successors are under way, newspaper Die Presse reported on Thursday.

An announcement is expected to be made towards the end of the first quarter next year, Die Presse said, citing three sources in its report.

An OMV spokesman declined to comment.

Davies has been the company's finance chief since 2002 and is deputy chairman of the executive board. Die Presse said his contract runs until March 31, 2017.

Rainer Seele, a former head of BASF's Wintershall, took over as chief executive of OMV in July and plans to announce a new strategy next year aimed at cutting costs and adapting to low oil prices.

OMV said this month it would take around 1 billion euros ($1.09 billion) in special charges to reflect the damage to the value of its oil fields and equipment from weak crude prices, conceding the oil price outlook was significantly more bearish than it had previously expected.

(Reporting by Francois Murphy; editing by Jason Neely)

Copyright 2016 Thomson Reuters. Click for Restrictions.


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