Petrofac, the international oil & gas facilities service provider, announces that its Chief Financial Officer (CFO), Keith Roberts, will retire from the group with effect from 31 December 2011.
Roberts (54) joined Petrofac in early 2002 and has played a vital role in the transformation of Petrofac from a modestly-sized privately-owned Company to a FTSE100 business with around 14,000 staff in more than 27 countries and annual revenue of US4.4 billion (as at 31 December 2010).
Tim Weller (48) will join Petrofac on 5 September, and following a short handover will formally succeed Keith Roberts, as CFO and an Executive Director, at the group’s October Board meeting.
A Fellow of the Institute of Chartered Accountants in England and Wales and a highly experienced CFO, Weller also has a BSc in Engineering Science from the University of Exeter. He has more than 25 years of experience having started his career with KPMG in London, eventually becoming a partner in the Infrastructure Business Unit. Weller will join Petrofac from Cable&Wireless Worldwide, where he has been CFO since May 2010. He was CFO and on the main board of directors at United Utilities Group PLC for four years and previously held financial director roles with RWE Thames Water Limited and Innogy Holdings PLC (now RWE npower Holdings PLC). He is currently a non-executive director of the Carbon Trust and of BBC Worldwide.
Commenting on the search process, Norman Murray, Petrofac’s non-executive Chairman said: “At the start of the year, when Keith communicated his intention to retire, the Board began an extensive selection process. We are extremely pleased that Tim has agreed to join Petrofac. He is both an able and experienced CFO who, we believe, will bring tremendous value to Petrofac moving forward.”
Ayman Asfari, group chief executive said: “Keith is a valued colleague and an exceptional CFO. In addition to leading our finance function, he has, for the last ten years, championed the development of our group corporate structures in support of our rapid growth, leading to the creation of significantly enhanced functional capability within the group. Over the years Keith has led the execution of numerous transactions within Petrofac, but the most notable is our IPO in 2005. Our transition from private to public company was extremely successful, and since float Petrofac has generated a total shareholder return of more than 700%.
“There is no doubt that I shall miss Keith when he retires from Petrofac. He has brought his considerable experience, logic and constructive challenge to the Boardroom, and has been truly instrumental in the growth and development of the group. He is leaving us with our very best wishes for the future.
“I am, however, delighted to be able to welcome Tim to our group. He has had a very successful career to date and brings valuable experience to the role. We have ambitious growth plans and I know Tim will bring a fresh perspective to future challenges. I am looking forward to working with him as we begin this new chapter in Petrofac’s journey.”
Weller previously served as a director of United Utilities Group PLC from July 2006 to May 2010 and as a non-executive director of Stanley Leisure PLC from 2003 to 2006. He currently serves as a director of Cable & Wireless Worldwide PLC but will be retiring from that board in the near future. In accordance with Listing Rule 9.6.15 it is confirmed that there are no further details to be disclosed pursuant to Listing Rule 9.6.13.