SBM Offshore hires ex-Shell man as new CFO

  • Business & Finance

Dutch FPSO provider SBM Offshore has announced that the Supervisory Board has nominated D.H.M. Wood as Management Board member and Chief Financial Officer (CFO).

On February 10, 2016, the company announced the intention of the current CFO, P.M. van Rossum, to retire after the Annual General Meeting (AGM) in 2017.

The Supervisory Board assigned the Appointment & Remuneration Committee to lead the selection process for a successor and make a recommendation to the Supervisory Board.

On August 10, 2016, the Supervisory Board nominated Wood at the recommendation of the Appointment & Remuneration Committee.

The company will hold an Extraordinary General Meeting (EGM) on November 30, 2016, where it will be proposed that Wood be appointed as a member of the Management Board for a period of four years until the 2021 AGM. This means that during the EGM of November 30, 2016, van Rossum will step down as Management Board member and CFO.

Wood has worked at Royal Dutch Shell plc since 1993 in various financial and management positions, including as Vice President Finance & Planning Exploration (at Shell Upstream International) and most recently as CFO of Showa Shell Sekiyu K.K. in Japan, a company listed on the Tokyo Stock Exchange.

Wood obtained his degree in Classics in 1993 at Oxford University (Wadham College) and became a Fellow of the Chartered Institute of Management Accountants in 2006.

According to the company, Wood has thorough industry knowledge, extensive international experience in finance matters including project financing, project control, M&A and management board experience as CFO of a publicly listed company. Wood will join the Company per October 1, 2016.

Bruno Chabas, CEO of SBM Offshore commented: “We are pleased to welcome Douglas to our team. His wealth of experience in finance and the energy industry will be a valuable addition to SBM Offshore. We very much look forward to having him join the Management Board.”

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