Wood Group CEO to stand down as shareholder vote on £216m Sidara takeover set to take place

The CEO of Wood Group has announced he will step down as a shareholder vote on a proposed multi-million pound takeover by Sidara is due to take place.

Last month, Sidara tabled a formal bid to acquire Wood Group for £216m, or 30p per share.

Shareholders are set to meet on October 23 to discuss the offer.

The board has unanimously recommended shareholders vote in favour of the resolution at next week’s meeting.

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 £242.2m.

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.

In an update to shareholders on Wednesday, Wood Group announced Kris Gilmartin intends to step down as CEO and board director after the meeting.

Until then, the group said Mr Gilmartin will remain in post to support an “orderly transition”.

Aberdeen Wood Group's CEO Ken Gilmartin has announced that he will step down after a shareholder vote on the proposed multi-million pound Sidara takeover. — Aberdeen Wood Group’s CEO Ken Gilmartin has announced that he will step down after a shareholder vote on the proposed multi-million pound Sidara takeover. Wood Group

Iain Torrens, currently the group’s interim group chief financial officer, will take on the CEO role immediately after Mr Gilmartin’s departure.

Roy Franklin, chair of Wood’s Board, wished Mr Gilmartin “all the best for the future”, and welcomed Mr Torren as the 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,” Mr Franklin said.

“The Board is confident he is well-placed to lead the company into its next chapter.”

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.”