Petrofac loses CFO to security firm

Chief financial officer (CFO) for the oilfield services company Petrofac will be leaving the company to take up the role of CFO at G4S, a global integrated security group.

Petrofac said on Monday that Tim Weller will leave the company in October 2016 and that the search for his successor is underway.

Weller, currently a non-executive director of G4S, will be replacing Himanshu Raja as CFO of the security company after Raja retires from the Board and steps down as CFO on October 1. Weller will step down from the G4S Audit Committee with immediate effect.

Petrofac Group Chief Executive, Ayman Asfari, said: “On behalf of the Board I would like to thank Tim for his significant contribution over the past five years. Over this time the Group has gone through substantial strategic change, and Tim’s experience, professionalism, and measured approach have proven invaluable in helping us on our journey back to our traditional areas of focus. We wish Tim well in his new role with G4S.”

Tim Weller said: “I have thoroughly enjoyed my time at Petrofac, and the decision to leave was not an easy one. With Petrofac’s renewed focus on its core strengths, I am confident that Ayman and the team will lead the Group to success. However, the opportunity to join G4S and an executive team that I have come to know and admire through my non-executive role with the company is the right move for me at this time.”

Weller joined Petrofac in September 2011 from Cable & Wireless Worldwide, where he had been chief financial officer between May 2010 and July 2011. Until May 2010, he was chief financial officer at United Utilities Group and had previously held chief financial officer roles with RWE Thames Water and Innogy Holdings from 2002 to 2006. Weller also served as a non-executive director of BBC Worldwide until March 2013.

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