BG Group appoints Chief Executive

BG Group has appointed Helge Lund as Chief Executive and as an Executive Director with effect from 2 March 2015.

Mr Lund is currently the CEO of Statoil, and previously served as the CEO of Aker Kvaerner, an industrial conglomerate with operations in oil and gas and shipbuilding. He has also held roles as the Deputy CEO and Chief Financial Officer at the pharmaceutical division of Hafslund Nycomed, an industrial conglomerate.

The appointment follows an extensive global search by the BG Group Board. It was concluded that it is in the best interests of the Company and its shareholders to secure the appointment of Helge as Chief Executive given his strong track record, skills and experience.

The BG Group Board has approved a remuneration package that is competitive in the international oil and gas industry. The package includes a conditional allocation of shares, along with salary, bonus, pension and long-term incentive awards.

The conditional allocation of shares is outside the Company’s remuneration policy approved by shareholders at its Annual General Meeting in 2014. As such, it requires separate approval by shareholders. A specially convened general meeting will take place before the end of the year.

 Andrew Gould, Chairman of BG Group, said: “Helge’s track record speaks for itself. He has built a world-class exploration and production portfolio at Statoil, and the company is now widely admired for its technical expertise, financial performance and strong, values-based culture. Helge is ideally suited to lead BG Group in the next phase of its growth, and to accelerate the creation and delivery of value for our shareholders, while delivering the Group's business plans. The Board and I are delighted to have secured his appointment.

“BG Group has excellent prospects. We will have strong production growth and cash generation over the coming years from our projects in Brazil and Australia. To make the most of this potential, we need to build on our strengths in exploration and LNG and also become a world-class operator. The Company needs a proven leader from the oil and gas industry to deliver the exceptional opportunities available to it. We will be consulting with our shareholders and we are confident that they will be supportive.” 

Mr Lund added: “BG Group is a Company with a strong set of assets and opportunities. I look forward to joining this organisation and working with BG’s people to develop the Company’s full potential.”

Adapted from press release by Callum O'Reilly

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