The Woodside Petroleum Limited (ASX: WPL) share price is in the red today amid news the company's chief financial officer (CFO) has resigned ahead of its merger with BHP Group Ltd's (ASX: BHP) petroleum assets.
News of Woodside CFO Sherry Duhe's notice has come one day after the company announced its plan to sell 49% of its Pluto Train 2, which will become a joint venture.
At the time of writing, the Woodside share price is $22.38, 0.53% lower than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is currently down 0.6%. The S&P/ASX 200 Energy Index (ASX: XEJ) has also fallen 0.4% today.
Let's take a look at today's non-price sensitive news from the oil and gas producer.
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Woodside on the look out for a new CFO
The Woodside share price is lower today after the company announced its CFO will be leaving to move to another ASX-listed company early next year.
That other ASX company is gold miner, Newcrest Mining Ltd (ASX: NCM), which announced Duhe will be joining its leadership team shortly before Woodside's own announcement.
The leadership change means that Woodside will be warming up to a new CFO just as its merger with BHP's oil assets is finalised. The merger is set to see Woodside walk away with a $41 billion market capitalisation.
It's expected to occur in the upcoming June quarter.
Woodside CEO Meg O'Neill commented that Duhe's leadership was "central" to setting up the merger. She also played a major role in the "financial and commercial architecture" of the company's Scarborough Project.
A final investment decision on the $15.8 billion Scarborough Project is expected to be made before the year ends.
Duhe's resignation comes just months after O'Neill was permanently instated as Woodside's CEO after holding the reins since April. On Duhe's leaving, O'Neill commented:
Sherry's financial and commercial stewardship of Woodside over the last four years has been integral to continuing Woodside's success. Over this time she has maintained a strong balance sheet which has provided Woodside's resilience in challenging trading circumstances.
The process to find a new CFO for Woodside is now underway.
Woodside share price snapshot
The Woodside share price has fallen 11.3% over the last 30 days.
It is also currently 2.9% lower than it was at the start of 2021.
