Fugro, the Dutch multinational specializing in geo-data, has announced a significant leadership transition as Chief Financial Officer Barbara Geelen prepares to step down. The company confirmed that Geelen will not seek a third term and will officially conclude her tenure following the Annual General Meeting scheduled for May 2026. This move marks the beginning of a deliberate succession process for one of the key architects of the firm’s recent financial stability and strategic growth.
Geelen joined Fugro in 2021 during a period characterized by global economic uncertainty and the tail end of pandemic-related disruptions. Since taking the financial helm, she has been instrumental in strengthening the company’s balance sheet and navigating the complex transition toward sustainable energy markets. Under her guidance, Fugro has significantly improved its profitability and cash flow, allowing the organization to reinvest in cutting-edge technologies and marine site characterization services.
The decision to announce her departure nearly two years in advance reflects Fugro’s commitment to corporate governance and stability. This extended notice period is intended to ensure a seamless transition of responsibilities and to provide the Supervisory Board with ample time to identify and vet a successor. Market analysts suggest that this transparency is a positive sign for investors, as it minimizes the risk of sudden leadership gaps that can often rattle stock performance.
During her time with the company, Geelen has been a vocal advocate for integrating environmental, social, and governance (ESG) metrics into the core financial reporting of the business. She played a pivotal role in Fugro’s refinancing efforts, which positioned the company to take advantage of the booming offshore wind sector. As the maritime industry continues to pivot toward green energy solutions, her fiscal policies have ensured that Fugro remains a preferred partner for major energy infrastructure projects.
In a statement regarding her departure, Geelen expressed pride in the milestones achieved during her term, noting that the company is now in a much more resilient position than when she arrived. She emphasized that her focus for the remainder of her tenure will be on executing the current strategic roadmap and ensuring that the financial department remains robust for her eventual successor.
The Supervisory Board has already begun the preliminary steps of searching for a new CFO. The ideal candidate will likely need to possess a deep understanding of the energy transition, as well as experience managing the capital-intensive nature of Fugro’s global fleet and subsea operations. While the company has not yet specified whether it will prioritize internal or external candidates, the lengthy handover period suggests a thorough global search is likely.
Fugro’s CEO Mark Heine praised Geelen’s contributions, highlighting her role in the company’s ‘Towards 2027’ strategy. He noted that her financial discipline and strategic insights have been foundational to the firm’s recent successes. As Fugro moves toward its next phase of evolution, the leadership team remains confident that the groundwork laid by Geelen will support long-term value creation for shareholders.
For now, it remains business as usual at Fugro’s headquarters in Leidschendam. The company continues to report strong demand for its services, particularly in the offshore wind and subsea infrastructure markets. With a clear timeline for the CFO transition, the company is well-positioned to maintain its momentum without the distractions often caused by executive turnover.
