Biopharmaceutical company AstraZeneca has announced that its chief financial officer and executive director will leave the company at the end of October 2013 following thre reporting of third quarter results.
Lowth has been appointed chief financial officer for natural gas company the BG Group, where he will start work from November 2013. He will be paid a basic salary of £725,000 at BG group, along with a bonus and long-term share incentives. BG Group will also compensate him in BG Group shares for the loss of any of his AstraZeneca bonus as a result of his resignation.
Lowth has previously held senior positions at Scottish Power and McKinsey, and has been a non-executive director of Standard Chartered since 2010. He will continue to be a member of AstraZeneca’s board until he leaves the company. A search is on for his successor.
Pascal Soriot, chief executive of AstraZeneca, said:
Simon has made a significant and lasting contribution to AstraZeneca's success, helping put the company on a stronger footing for the future. Personally, I will miss our interactions and I would like to thank him for all his support over the last few months. I know that I speak on behalf of everyone at AstraZeneca in wishing him well in the next chapter of his career.
BG Group chief executive Chris Finlayson said,
I am delighted Simon is joining BG Group. Our current priority is execution and creating value. Simon knows the gas and power industry well and has a good background in engineering. He brings with him a great combination of finance, capital allocation, value-based planning, portfolio management and strategy skills - critical skills as we execute our strategy to deliver long-term value to shareholders and focus on excellence in execution.
Commenting on his appointment, Lowth said:
I'm looking forward to working with Chris to deliver BG Group's exciting growth strategy. BG Group is an outstanding company in a sector that I know well and I look forward to working with the team to build on its successes and deliver on the opportunities in this next stage of its evolution.