Equinor ASA said on Oct. 23 that CFO Lars Christian Bacher has decided to step down from his position.

Bacher was one of four candidates in the running to become Equinor’s new CEO this year. However, he lost out to another senior manager, Anders Opedal, who will take the helm next month.

Finance executive Svein Skeie will replace Bacher on Nov. 1 and will hold the CFO position until a permanent appointment is made.

“After almost 30 years of exciting challenges at Equinor, it is time to look ahead at new opportunities outside the company,” Bacher said in a statement.

Since joining Equinor in 1991, Bacher has held a number of leadership positions at the Norwegian oil and gas company including leading the merger process for the offshore installations of Norsk Hydro and Equinor. He has been CFO of Equinor since August 2018.

Bacher will remain with Equinor until May 2021.

Reuters contributed to this article.