BG appoints new money man

Lowth, BG's new moneyman15 July 2013 – UK Giant BG Group has unveiled Simon Lowth as its new chief financial officer, replacing interim chief financial officer Den Jones.

BG said Lowth, who will also become an executive director of the company, was expected to take over the role in November this year, however it noted that the effective date of the appointment was still to be confirmed and would be the subject of a separate announcement.

He will be paid an annual salary of £725,000 ($1.1 million), along with future bonus and long term incentives plan share awards.

Lowth is currently the chief financial officer for biopharmaceutical company AstraZeneca, where he has worked since 2007,and BG said it would compensate him in the form of shares for the loss of any of his 2013 AstraZeneca annual bonus as a result of his resignation.

He has also held roles at Scottish Power and McKinsey & Company and has also served as a non-executive director of Standard Chartered since 2010.

“Simon knows the gas and power industry well and has a good background in engineering,” BG chief executive Chris Finlayson said.

“He brings with him a great combination of finance, capital allocation, value-based planning, portfolio management and strategy skills – critical skills as we execute our strategy to deliver long-term value to shareholders and focus on excellence in execution.”

Lowth takes over from Jones who was appointed interim chief financial officer after Fabio Barbosa stepped down from the role in February this year for personal reasons.

Jones had already been carrying out the role since Barbosa took leave in September last yearto undergo treatment for an undisclosed medical condition.
*Josh Lewis, Upstreamonline

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