By Denise Bedell
Jeff Sheets will take over the top finance job at US oil company ConocoPhillips, the company announced on Wednesday. Sheets, who is currently SVP commercial, planning and strategy, moves into the position when CFO Sig Cornelius retires at year-end.
Sheets will take over the reins at a critical time for the company. After an aggressive M&A streak when the energy markets were booming, the firm entered a period of restructuring when the markets fell off, which is still in progress.
Sheets will be actively engaged in continuing the process of selling off assets, including the company’s stake in Russia’s Lukoil.
Lukoil, backed by UniCredit, bought up 5 percent of its shares from ConocoPhillips in September for $2.4 billion, and in August the Russian firm purchased back a 7.6 percent stake for $3.44 billion.
The final 6.15 percent share of Lukoil that is held by ConocoPhillips should be sold within six months, according to the company. Lukoil’s chairman Valery Grayfer has said that they would buy the remaining stake.
The change in finance chief is just one of a number of executive changes announced this week at the US oil firm. COO John Carrig announced he will retire next year and his position will be eliminated.
Plus, the group is looking for a CEO to replace current chief executive Jim Mulva, who will step down in February. In addition, SVP technology Stephen Brand, and SVP exploration and production Kevin Meyers will both retire at the end of this year.
Dunkin’ Brands—owner of Dunkin' Donuts and Baskin-Robbins—will have a new CFO in November when Neil Moses joins the firm. He will be part of the executive leadership team reporting to CEO Nigel Travis.
Moses takes over the role from current CFO Kate Lavelle, who is leaving for family reasons, according to the company.
Coming from a post as EVP and CFO at Parametric Technology—which we reported on last month—Moses will manage financial functions, strategic planning, loss prevention and information technology services.
CFO Moves (September 24)
Canadian firm Aberdeen International has appointed Ryan Ptolemy as CFO, effective immediately. Ptolemy takes over from Stephan Theron, who is leaving to take up the post of chief executive officer of Forbes & Manhattan Coal.
CFO Roman Rozental will move up to the chief executive position at Russian property developer Mirland in January. He takes over from Moshe Morag, who will stay on as a non-executive director. Emil Budilovsky will take over the CFO spot.
Johan Fant, CFO at mining and metals company Boliden, is leaving to take over as chief financial officer at Axel Johnson. Fant has a six-month notice period, and Boliden noted in a press release that a search for his successor is under way.
Nigel Jackson has been named interim CFO at Intermap Technologies following CFO Brian Musfeldt’s resignation in September. Jackson steps up from his post as president and director of PT Exsamap Asia, Intermap's Indonesian subsidiary.