Wood Group's CEO to Step Down Amid £216 Million Sidara Acquisition

Strategic Insights -

Wood Group's chairman, Roy Franklin, has announced that chief executive Ken Gilmartin will be stepping down after a shareholder vote on the £216 million acquisition of the Aberdeen-based energy and engineering services heavyweight by United Arab Emirates-based Sidara. Iain Torrens, currently the group's interim group chief financial officer (CFO), will replace Gilmartin as the new CEO. Torrens has more than three decades of senior leadership experience across listed companies, including executive director and group CFO roles at TalkTalk Group and ICAP.

Key Takeaways:

  • Iain Torrens, the new CEO of Wood Group, has over 30 years of senior leadership experience across listed companies.
  • Torrens will replace Ken Gilmartin, who will step down after a shareholder vote on the £216 million acquisition of Wood Group by Sidara.
  • Gilmartin will remain in post until the orderlies transition is complete.
  • Wood Group is a global company with operations in over 60 countries and employing over 35,000 people.
  • The company has faced challenges in recent years, including a £2.2 billion acquisition of Amec Foster Wheeler in 2017 that loaded the business with debt and costs.
  • Sidara has said that it intends to retain the Wood brand.
  • Iain Torrens has a "strong track record" in corporate governance, strategic transformation, and board stewardship.

Statistics:

  • £216 million: The amount of the acquisition of Wood Group by Sidara.
  • 60: The number of countries where Wood Group operates.
  • 35,000: The number of people employed by Wood Group.
  • £2.2 billion: The amount of the acquisition of Amec Foster Wheeler by Wood Group in 2017.
  • 3 decades: The amount of senior leadership experience that Iain Torrens has across listed companies.

Sources:

  • (/business/aberdeen-energy-services-giant-wood-unveils-new-chief-executive-and-salary-details-3739010)
  • (/business/aberdeens-wood-confident-with-direction-after-us-group-drops-ps17bn-takeover-shares-plummet-4142260)
  • (/news/scottish-news/scottish-billionaire-businessman-sir-ian-woods-utterly-remarkable-donation-to-the-north-east-5354108)
  • (/business/wood-group-profits-slide-on-amec-acquisition-costs-1441750)