Multinational oil and gas company Wood Group has announced that chairman Sir Ian Wood will retire in November.
Sir Ian has been the company’s chairman since 1982 and was chief executive officer from 1967 to 2006.
Earlier this year, the Scottish rich list estimated Sir Ian’s personal wealth at around £1.2bn.
He will be replaced by current CEO Allister Langlands and Bob Keiller, the chief executive of the Wood Group PSN division will become CEO as part of a number of board changes announced by the firm, which will become effective from November 1.
Sir Ian said: ''I have been lucky enough to participate in the very successful and exciting growth of the UK's oil and gas industry over the last 45 years and seen Wood Group become a successful global player. We are performing well in a strong market, with a great management team and good prospects and this is an opportune time to retire, particularly as we have in place a strong management succession plan.
''Allister Langlands, who has led the group extremely effectively in his period as CEO, and demonstrated clear strategic leadership in the recent period of structural repositioning through the sale of Well Support, the acquisition of PSN and return of cash to shareholders, will make a very able chairman and provide important continuity.
''Bob Keiller is a highly regarded CEO who has led the integration of PSN with Wood Group's production facilities business and the joint team have now created the world's leading brownfield production services company.
''Over the years I have had the pleasure of working with some wonderful, committed, highly skilled and innovative people across the world. I will miss Wood Group, but will have the satisfaction of knowing it's in really good hands and look forward to the Group's continuing success.''
Ian Marchant, Wood Group's senior independent director, said: "Sir Ian has been an extraordinary leader for the Group, guiding the company from its roots in the North Sea to its position today as a major global oil and gas services company. The Group and its shareholders owe a huge debt to him, and to the executives who have worked so closely with him over the years."
Mr Langlands, added: ''I'm looking forward very much to taking on the chairman's role and working closely with Bob Keiller, an experienced CEO who has performed well with the Group since he joined us.
"Bob will be taking over a strong business in a growth market, with an excellent management team and a clearly established strategy. Under his leadership and direction we are confident that the Group will continue its successful growth.''
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