BG Names New CFO
BG Group announced that Ashley Almanza will stand down from the Board and leave his role as Chief Financial Officer on March 31, 2011. This follows an earlier indication from Mr. Almanza of his desire to leave BG Group within the next two years. After March 31, 2011, Mr. Almanza will continue to work with BG Group Chief Executive Frank Chapman to bring to conclusion a number of ongoing strategic projects.
BG Group also announced that Fabio de Oliveira Barbosa has joined the Group. It is intended that Mr. Barbosa will join the Board as Chief Financial Officer on March 31, 2011.
Mr. Barbosa, 49, was until June 2010 the Chief Financial Officer at the Brazilian mining company Vale SA, the largest private sector company in Latin America and the second-largest metals and mining company in the world by market capitalization. Prior to joining Vale in 2002, he spent seven years in the Brazilian Ministry of Finance, rising to the role of National Treasury Secretary. He is a former adviser to one of the Executive Directors of the World Bank. Mr. Barbosa's appointment to the Board of BG Group will follow the receipt of the necessary UK visa.
BG Group Chairman Sir Robert Wilson said, "I am delighted to welcome Fabio to BG Group. He has extensive financial leadership experience with one of the world's largest resources companies and a strong track record in shareholder value creation. I would also like to thank Ashley for his considerable contribution to the Company and our Board."
BG Group Chief Executive Frank Chapman said, "Fabio's skills and experience will be invaluable as the Group enters its next decade of growth, and I very much look forward to working with him."
"I would also like to express my gratitude to Ashley for his tremendous commitment and contribution to BG Group for more than eight years as Chief Financial Officer. Ashley has worked with me closely in an exceptional partnership that has helped shape the BG Group business as we know it today. I am also appreciative of his early signaling of his desire to leave the Group and his support in planning a well-ordered transition to Fabio as his successor."
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