Gerhard Roiss News

OMV May Slow Investments with Management Shakeup

Austrian oil and gas company OMV may slow its investment programme in an effort to boost margins at a time of sliding oil prices, reining in the growth ambitions that characterised the tenure of its outgoing chief executive. CEO Gerhard Roiss will leave the group in mid-2015 - nearly two years ahead of schedule - as part of a management shakeup that will also see OMV's gas business subsumed into a new division. Under Roiss, OMV focused on exploration projects rather than refining and marketing, and splashed out $2.65 billion last year on North Sea oil fields owned by Norway's Statoil. OMV has