BG Group CEO Chris Finlayson quit with immediate effect

Oil and gas producer BG Group on Monday confirmed that its chief executive officer Chris Finlayson had quit with immediate effect.

The announcement was enough to surprise even market analysts as Mr. Finlayson stepped down from the top job just 16 months after joining the group, which is now seeking fresh leadership.

The group said in a statement, "The board felt that it was in the best interests of the group to accept Chris' resignation and seek fresh leadership."

The group also claimed that Mr. Finlayson's sudden departure was because of his personal reasons. However, some market watchers think the other way. They believe that Mr. Finlayson might be forced to quit.

BG Group has made a number of high-profile changes in its management team in the recent past. It has replaced its chief financial officer as well as chief operating officer ahead of Mr. Finlayson's departure. A recent media report said that the group was targeting British redundancies as part of its efforts to streamline its operations in the face of declining profits.

Andrew Gould, BG Group's non-executive chairman, will take over as interim CEO of the group until a new leader is found. It is also being said that Mr. Gould will also head the team that will find a new chief for the group. However, no precise timeframe has been fixed to find a new CEO.