LNG player BG Group of UK said that Fabio Barbosa has been appointed Chairman BG South America, reporting to Chief Executive Chris Finlayson, and has stepped down as Chief Financial Officer (CFO) and Executive Director for personal reasons. Fabio has also stepped down as a member of BG Group’s Group Executive Committee and other committees.
As Chairman of BG South America, based in Rio de Janeiro, Fabio will provide senior counsel and advice to the BG teams in Bolivia, Chile, Uruguay, and Brazil.
Fabio was until June 2010 the CFO at Vale SA, the Brazilian mining company. Prior to that, he spent seven years in the Brazilian Ministry of Finance, rising to the role of National Treasury Secretary.
Commenting on Fabio’s appointment, BG Group Chairman Andrew Gould said, “I would like to express on behalf of BG Group’s Board our sincere thanks to Fabio for all his excellent work as CFO over the last two years. His efforts in the execution of the portfolio rationalisation programme and in diversifying and broadening our funding options and sources have been instrumental in materially strengthening our balance sheet position, helping underpin investment in, and the delivery of, our key global growth opportunities.
“As Chairman of BG South America, Fabio’s wealth of experience will prove important in realising the huge value inherent in our substantial interests in the region”.
BG Group also said that Den Jones, BG Group Financial Controller, who acted as Fabio’s alternate director during Fabio’s leave of absence, has today been appointed a director of BG Group plc. As a director, Den will continue to fulfil the role of BG Group Interim CFO pending the conclusion of a succession process for the role of CFO. That succession process will comprise both an examination of potential internal candidates and an external search. Chris Finlayson will continue as Chairman of the Investment Committee for this interim period.
LNG World News Staff, February 15, 2013; Image: BG