Wood Group CEO Ken Gilmartin has this morning announced he will step down following the shareholder vote on the proposed takeover by Sidara.
Shareholders are set to meet next week on October 23 to discuss the Sidara offer as the long-running takeover saga nears conclusion.
At the beginning of May, Wood shares were suspended as the company failed to post its 2024 annual results on time. They were suspended at 18.44p per share.
Last month, Sidara tabled a formal bid for Aberdeen-based energy services giant - valuing the firm at £216million or 30p per share.
The Wood board has unanimously recommended shareholders vote in favour of the resolution at next week's meeting.
And in an update to shareholders this morning, John Wood Group revealed that Ken Gilmartin has informed the board of his intention to step down from his position as group CEO and as a director of the board.
Ken will step down after the upcoming shareholder vote on the Sidara transaction and until then will remain in post to support an orderly transition.
Iain Torrens, currently the group's interim group chief financial officer (CFO), will take on the role of CEO with effect from Ken's departure.
Roy Franklin, chair of Wood's board, said: "We are pleased to announce the appointment of Iain as Wood's new CEO. Since joining the company earlier this year, Iain has demonstrated experience, leadership and decisiveness to guide the business through a very challenging period. The Board is confident he is well-placed to lead the company into its next chapter.
"On behalf of the Board and the company, I would like to wish Ken all the best for the future."
Iain Torrens, Wood's CFO, said: "It's a privilege to lead Wood and our exceptional global team of over 35,000, who have remained committed to delivering for our clients through a difficult period. My immediate priority is delivering our full year 2024 audited accounts and half year 2025 results so we can move forward with clarity. I'm grateful for the opportunity to support our people, drive performance, and strengthen client confidence as we shape a resilient, growth-focused future for Wood."
Iain joined Wood's board and executive leadership team in February 2025 and has over three decades of senior leadership experience across listed companies, including executive director and group CFO roles at TalkTalk Group plc and ICAP plc.
He was most recently chairman and non-executive director of Praxis Group Ltd, a Guernsey-based financial services firm, until October 2024. He is a Fellow of Chartered Accountants Ireland.
A process is underway to identify a new CFO and further announcements will be made in due course on that appointment and the timing of Ken's departure.