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LONDON - Wood Group (John) PLC announced today the immediate resignation of its Chief Financial Officer, Arvind (NSE:ARVN) Balan, following a misstatement regarding his professional qualifications. The company, which is listed on the London Stock Exchange (LON:LSEG), revealed that Balan had incorrectly described himself as a chartered accountant rather than a certified practicing accountant in various public statements.
Balan expressed regret over the error, stating it was an "honest oversight" and emphasized his belief in the company’s long-term potential. He also mentioned his resignation aims to reduce distractions during a crucial period for the firm’s investors and lenders.
Ken Gilmartin, CEO of Wood Group, extended his best wishes to Balan for his future endeavors. The company is expected to announce a successor and interim CFO arrangements shortly.
This development comes as Wood Group continues to navigate the business landscape, with investor relations being a significant focus. The departure of a key executive like the CFO could be of interest to shareholders and market watchers, as financial leadership is critical for corporate strategy and investor confidence.
The information about Balan’s resignation is based on a press release statement, and further details regarding the appointment of a new CFO will be provided in the future.
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