John Wood Group CFO Resigns Over Misstated Qualifications
Arvind Balan steps down as finance chief after admitting to an 'honest oversight' in describing his professional credentials, leaving the company during a critical financial period.
- Arvind Balan resigned as CFO of John Wood Group after it was revealed he incorrectly described himself as a chartered accountant instead of a certified practising accountant.
- Balan attributed the misstatement to an 'honest oversight' and said his decision to resign was aimed at minimizing distractions for investors and lenders.
- The resignation comes as John Wood Group faces significant financial challenges, including a $200 million negative cashflow forecast for 2025 and an ongoing Deloitte review identifying weaknesses in governance and financial controls.
- The company, which has seen its market value drop to approximately £180 million, is under pressure to refinance $1.1 billion in debt by October 2026, with analysts suggesting a potential $400 million capital increase may be needed.
- Balan's departure leaves the company without a permanent finance chief during critical refinancing talks, raising concerns about leadership stability and its ability to navigate its financial struggles.
The Times 
The Telegraph 