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BG Group today announced that, with effect from November 2013, Simon Lowth has been appointed as Chief Financial Officer (CFO) and as an Executive Director. The effective date of the appointments remains to be confirmed and will be the subject of a separate announcement.
Simon is currently the CFO of AstraZeneca PLC and an Executive Director on its Board. He joined the biopharmaceutical company in November 2007 and is responsible for Finance, Investor Relations, and AstraZeneca's business in Japan. During his time at AstraZeneca, Simon has helped the company improve productivity, cash management, and capital allocation as it transitions through a period of patent expirations.
Simon has been a non-executive director of Standard Chartered PLC since 2010.
Prior to joining AstraZeneca, Simon worked at Scottish Power PLC from 2003 to 2007. As Corporate Strategy Director, Simon introduced value-based planning and performance metrics, while moving the company's strategic focus to organic investment. In 2005, Simon was appointed Finance Director, successfully leading a drive to improve both earnings and cash generation.
Simon previously spent 15 years working for McKinsey & Company, latterly as the Director responsible for the UK industrial practice. Simon has an engineering degree from the University of Cambridge and an MBA from London Business School.
Simon will succeed Den Jones who has been Interim CFO and Executive Director since February 2013.
Commenting on Simon's appointment, BG Group Chief Executive Chris Finlayson said,
"I am delighted Simon is joining BG Group. Our current priority is execution and creating value. Simon knows the gas and power industry well and has a good background in engineering. 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".
"I would also like to thank Den for his tremendous commitment, hard work and achievements during a challenging period for the business".
Commenting on his appointment Simon said,
"I'm looking forward to working with Chris to deliver BG Group's exciting growth strategy. BG Group is an outstanding company in a sector that I know well and I look forward to working with the team to build on its successes and deliver on the opportunities in this next stage of its evolution."
Listing Rule 9.6.13
In accordance with paragraph 9.6.13 of the Listing Rules, BG Group confirms that, other than as set out above, there are no disclosures to be made.
Notes to Editors:
Biography
ASTRAZENECA
2012 - 2013 Chief Financial Officer & Executive Director
2012 - 2012 Executive Director & Interim Chief Executive Officer
2007 - 2012 Executive Director & Chief Financial Officer
SCOTTISH POWER
2005 - 2007 Executive Director, Finance & Strategy
2003 - 2005 Director, Corporate Strategy & Development
MCKINSEY & COMPANY
2000 - 2003 Director, Industrial Practice
1994 - 2000 Partner
1987 - 1994 Consultant
OVE ARUP & PARTNERS
1983 - 1985 Design Engineer
Biographical information
2007-2013 - AstraZeneca
Simon joined AstraZeneca as CFO in November 2007 and became an executive director on the company's board. During his time at AstraZeneca, Simon has strengthened the focus on investment returns, cash management and capital allocation, and worked with the Senior Executive Team to improve productivity and restructure the Company in advance of impending patent expirations. He has also led a significant transformation of the global finance function. In June 2012, Simon was appointed as interim CEO, prior to Pascal Soriot being appointed CEO.
2003 - 2007 - Scottish Power
Simon joined Scottish Power as Corporate Strategy Director. He introduced value-based planning and performance metrics and shifted the strategic focus from M&A to organic investment. Following the announcement of the sale of PacifiCorp, Simon was appointed Finance Director. Simon restructured the finance function, and led a drive to improve both earnings and cash generation. He also led the return of �2.5 billion of cash to shareholders following the sale of PacifiCorp.
1987 - 2003 - McKinsey & Company
Simon joined McKinsey in 1987. He worked primarily in the energy, resources, utilities, and process manufacturing sectors. He was elected a Partner in 1994 and Director in 2000, and led the UK Industrial Practice. His main focus was on business strategy, M&A, corporate finance, capital management and operational performance improvement.
Remuneration
Simon will be paid a basic salary of �725,000, in line with industry CFO peers. His future bonus and long term incentives plan share awards will be in line with BG Group's remuneration policy.
BG Group will compensate him in the form of BG Group shares for the loss of any of his 2013 AstraZeneca annual bonus incurred as a result of his resignation. BG Group will also compensate him in the form of conditional awards of BG Group shares for any loss of his long-term incentive plan share awards he incurs as a result of his resignation.
Full details will be published in the next Annual Report and Accounts.
BG Group plc (LSE: BG.L) is a world leader in natural gas, with a broad portfolio of business interests focused on exploration and production and liquefied natural gas. Active in more than 20 countries on five continents, BG Group combines a deep understanding of gas markets with a proven track record in finding and commercialising reserves. For further information visit: www.bg-group.com
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There are matters set out within this announcement that are forward-looking statements. Such statements are only predictions, and actual events or results may differ materially. For a discussion of important factors which could cause actual results to differ from these forward-looking statements, refer to BG Group's Annual Report and Accounts for the year ended 31 December 2012. BG Group does not undertake any obligation to update publicly, or revise, forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.
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