Austria: OMV to replace its chief financial officer

Austrian oil and gas company OMV is preparing to replace its chief financial officer David Davies and discussions for his successor are underway, reported newspaper Die Presse.

David Davies has been the CFO at OMV since 2002 and is also deputy chairman of the company´s executive board.

The announcement comes just a day after OMV stated their intention to sell a stake of up to 49% in its wholly owned subsidiary Gas Connect Austria (GCA), an Austrian constructor and operator of natural gas pipelines.

“In times of a difficult oil price environment, we are taking the appropriate measures to both optimise the portfolio and strengthen the Group’s cash flow and balance sheet”, stated Manfred Leitner, Executive Board member responsible for Downstream.