John Wood Group PLC on Wednesday said that Ken Gilmartin will step down from his position as chief executive officer.
The Aberdeen, Scotland-based oilfield services and engineering consulting firm said Gilmartin will step down after the shareholder vote on the Sidara Ltd takeover on November 12 and will remain in post to ‘support an orderly transition’.
Shareholders are set to vote on the takeover offer from Sidara, an entity controlled by Dar-Al Handasah Consultants Shair & Partners Holdings Ltd.
The offer is worth 30p per share, valuing John Wood at around £210 million, while Sidara intends to provide an additional $450 million capital injection. John Wood recommended that shareholders approve the acquisition.
Iain Torrens, the current interim chief financial officer, will take on the role of CEO after Gilmartin’s departure.
Torrens joined Wood’s board in February 2025. He has previously been CFO at several UK public companies, including telecommunications provider TalkTalk Group PLC and interdealer broker ICAP PLC, now known as TP ICAP Group PLC. Most recently, Torrens was chair of Praxis Group Ltd.
The firm said a process is underway to appoint a new CFO.
‘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,’ said Chair Roy Franklin.
Shares in the company are currently suspended at 18.20p pending publication of 2024 accounts.
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