Chief of Aberdeen-based firm Wood Group quits after 'incorrect description of qualifications'

The chief financial officer of an Aberdeen-based firm has quit after he made “incorrect descriptions of his professional qualifications”.

Engineering firm Wood Group announced it had accepted Arvind Balan’s resignation as chief financial officer (CFO) with immediate effect.

It comes after he admitted “incorrect descriptions of his professional qualifications” were made.

The company appointed Balan to the board on April 15 last year after he previously worked with Shell and Rolls-Royce in a variety of CFO and functional finance roles.

He is said to have 23 years of experience across areas such as corporate strategy, managing investors, raising capital and in operational transformations.

The firm said an announcement on his successor would be made in due course.

Balan said: “Regrettably, I made an honest oversight with respect to the description of my professional qualification as a chartered accountant instead of a certified practicing accountant.

“I continue to believe in the long-term potential of the company and its people.

“My decision is based on minimising distraction at this very pivotal time with our investors and lenders.”

Chief executive Ken Gilmartin said: “On behalf of the board and the company, I would like to wish Arvind all the best in his future endeavours”.

In a separate announcement, the firm announced that it has been awarded a £95m contract extension by Shell to provide brownfield engineering, procurement and construction to onshore and offshore assets across the UK.

However, the company’s share price fell 64% in the past week after it reported on Friday, February 14.