Troubled Aberdeen-based engineering and consulting giant John Wood Group announced late on Wednesday that its chief financial officer (CFO) Arvind Balan “has tendered his resignation and the board have accepted this with immediate effect.”
Wood added: “This followed the incorrect description of his professional qualifications in various statements in the public domain.”
Wood shares have fallen about 80% in recent months amid an independent review by Deloitte following “exceptional contract write-offs” and a “difficult” trading update for the year ended December 31, 2024.
On February 14, Wood said the Deliotte review was continuing and revealed: “The company is initiating steps to strengthen significantly the group’s financial culture, governance and controls in light of material identified weaknesses and failures.”
Arvind Balan
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.”
Wood CEO Ken Gilmartin said: “On behalf of the board and the company, I would like to wish Arvind all the best in his future endeavours”.
Wood said an announcement on Balan’s successor, and interim cover, will be made in due course.