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John Wood Group PLC - Aberdeen-based oilfield and engineering services provider - Names Iain Torrens as interim chief financial officer, following the resignation of Arvind Balan after it emerged that his professional qualifications had been incorrectly described in public statements. Balan had referred to himself as a chartered accountant rather than a certified practicing accountant.
Torrens' appointment is on an interim basis while John Wood searches for a permanent CFO. He has previously been CFO at several UK public companies, including telecommunications provider TalkTalk Group PLC and interdealer broker ICAP PLC, now known as TP ICAP Group PLC. Most recently, Torrens was chair of Praxis Group Ltd.
Chief Executive Officer Ken Gilmartin says: "The board and I acted quickly to appoint an interim CFO. This is a critical period for Wood and Iain is a seasoned CFO with the necessary capital markets experience and proven leadership in refinancing and financial reporting, as well as risk management, audit and compliance".
Current stock price: 33.47 pence, down 6.5% in London on Thursday around noon
12-month change: down 76%
By Emily Parsons, Alliance News reporter
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