The boss of troubled Wood Group has stepped down ahead of a key vote on the company’s potential takeover.
Ken Gilmartin said on Wednesday that he will depart as chief executive officer of the Aberdeen-based energy and engineering services firm.
He will be replaced by Iain Torrens, who is currently the group’s interim chief financial officer.
Mr Gilmartin will step down as boss after the company’s shareholder vote on its proposed £216 million takeover by Dubai-based suitor Sidara.
Sidara – a privately held network of engineering and design companies run from the United Arab Emirates – had previously made an approach worth 35p a share in mid-April, valuing Wood Group at £242.2 million.
However, it lowered its offer in August amid continued troubles at the debt-laden business.
Wood is also still working with auditors to confirm its delayed financial results for 2024, which caused a temporary suspension in the firm’s shares.
Roy Franklin, chairman of Wood’s board, said: “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.”
Mr Torrens 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.”
