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Helge Lund left Statoil to become BG Group’s new chief executive officer from March. Lund’s appointment as BG’s new CEO is said to end a leadership crisis at the U.K.’s third-largest oil and gas producer, Bloomberg has reported
51-year old Lund led state-controlled oil company for 10 years and can now become Europe’s best-paid oil-company boss with a compensation that could reach $2.3mn, BG said. He left Statoil with immediate effect, and marketing chief Eldar Saetre will serve as interim CEO, the Stavanger-based company said.
BG was led for more than a decade by Frank Chapman, who retired at the end of 2012. His successor Chris Finlayson lasted little more than a year, quitting in March after production growth missed targets amid arguments with the board over the pace of asset disposals.
“Few will disagree that this is a great appointment from BG,” analysts at Bernstein Research, led by Oswald Clint, said in a note today. “Boasting experience in deepwater, gas markets and clear value over volume focus, he fits the requirements.”
