BG Group announced Friday that Fabio Barbosa will step down from his role as Chief Financial Officer to become Chairman of BG South America for personal reasons. Barbosa has also stepped down as a member of BG's Group Executive Committee as well as a number of other committees.
As Chairman of BG South America, based in Rio de Janeiro, Barbosa will provide senior counsel and advice to the BG teams in Bolivia, Chile, Uruguay, and Brazil, the company said.
Barbosa was until June 2010 the CFO at Vale SA, the Brazilian mining company. Prior to that, he spent seven years in the Brazilian Ministry of Finance, rising to the role of National Treasury Secretary.
BG Group Chairman Andrew Gould commented in a statement:
"I would like to express on behalf of BG Group's Board our sincere thanks to Fabio for all his excellent work as CFO over the last two years. His efforts in the execution of the portfolio rationalization program and in diversifying and broadening our funding options and sources have been instrumental in materially strengthening our balance sheet position, helping underpin investment in, and the delivery of, our key global growth opportunities.
"As Chairman of BG South America, Fabio's wealth of experience will prove important in realizing the huge value inherent in our substantial interests in the region."
BG Group added that BG Group Financial Controller Den Jones will step up to serve as BG Group Interim CFO pending the conclusion of a success process for the role of CFO.