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Chris Finlayson

BG Group Chris Finlayson resigned after just over a year as CEO when the third-largest U.K. oil and gas producer scrapped output forecasts.

The forecasts were published just three months ago.

BG announced Chairman Andrew Gould will act as interim CEO effective immediately until a permanent replacement is found.

The company said today oil and gas output this year would be at the lower end of an estimated range, primarily due to falling production in Egypt.

BG will be completely abandoning the forecast Finlayson made in January.

“The board felt that it was in the best interests of the group to accept Chris’s resignation and seek fresh leadership,” said Gould.