- 14 Aug 2007
TAQA Adds to Global Executive Management Team
Abu Dhabi, United Arab Emirates – The Abu Dhabi National Energy Company PJSC (ADSM: TAQA) today announced that it has appointed an interim chief financial officer (CFO) to add further seniority and blue-chip experience to its rapidly growing global executive management team.The newly-appointed interim CFO – William W. Reynolds, a Partner in Tatum LLC – will be responsible for all group-level financial planning and control, as well as communicating financial performance and forecasts to the analyst community and capital markets.
Reynolds brings nearly 30 years of financial management and leadership experience in multi-divisional and multi-facility environments in the oil & gas exploration and production and power sectors. His broad range of financial experience includes capital structure optimization, utility financing, financing investments in diversified businesses, cash management, and leading a proactive investor relations effort. Reynolds will add further depth to TAQA’s best-in-class financing, accounting and control functions globally.Following a 17-year career with energy-giant, Amoco, Reynolds also held Chief Financial Officer roles with Prisma Energy International and Integrated Electrical Services and senior treasury and finance roles with Peoples Energy Corporation and MCN Energy Group. He brings significant global finance experience and is expected to set key performance indicators that will drive financial improvement and integration initiatives at TAQA.Peter Barker-Homek, TAQA’s chief executive, said: “Bill Reynolds will take responsibility for the strategic direction and leadership of the finance group, and will provide critical guidance to group-level decision-making processes, from accounting and treasury functions to financial evaluation and analysis.”On 1 August of this year, TAQA reported strong financial results for the first half of the year ended 30 June 2007, with total group assets hitting AED 56 billion.H1 2007 revenue reached AED 2.8 billion compared with AED 1.46 billion for the same period in 2006, representing an increase of 90 percent. Q2 2007 earnings grew 126 percent to AED 1.8 billion.TAQA was presented with the Emerging Market Deal of the Year and Middle East Corporate Bond of the Year 2006 awards by EuroWeek.The completed acquisition of Northrock Resources is another major step forward for TAQA, which earlier this year began operation of TAQA Energy B.V., following the acquisition of BP Nederland Energie B.V, and of CMS Generation Co.