Petrofac names non-exec director. New CFO assumes duties.

Petrofac, a provider of oilfield services to the international oil and gas industry, has appointed a new non-executive director and the company’s newly appointed chief financial officer (CFO) has assumed his duties.

Petrofac said on Thursday that Alastair Cochran, the new CFO and executive director, assumed his duties on October 20, 2016.

To remind, the company announced on August 30 that Cochran would join Petrofac on October 3 and formally succeed Tim Weller as CFO and member of the board after a short handover.

Weller left the company and stepped down from the board to assume his position as CFO of security firm G4S.

Petrofac also said that non-executive director Kathleen Hogenson would step down from the board on October 31 and that Jane Sadowsky would take her place as of November 1.

Sadowsky is currently the Managing Partner of Gardener Advisory LLC; a consulting firm focused on providing services to the power, utility, and infrastructure sectors. Sadowsky has over 20 years of experience in investment banking. She currently sits on the boards of Yamana Gold Inc and the NY ISO as a non-executive director.

Sadowsky said: “I am delighted to be joining the Board of Petrofac and look forward to contributing to the debate in a company with an entrepreneurial spirit, innovative approach, and determination to achieve operational and technical excellence.”

Due to the changes in management structure, Sadowsky will also become a member of the Nominations and Audit committees.

Also, as of November 1, the Remuneration Committee will consist of Thomas Thune Andersen who will act as chairman of the committee, Andrea Abt, and Matthias Bichsel.

Rijnhard van Tets, Petrofac’s Chairman, said: “It gives me great pleasure to welcome Jane to our board, and we very much look forward to the contribution that her strategic perspective and expertise in capital structure and financing will make in our boardroom.”

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