Wood Group CEO Wood to leave following Sidara's takeover vote

Wood Group, a British oilfield engineering and services firm, announced on Wednesday that its chief executive Ken Gilmartin will step down in the next month, after its shareholders have voted on a takeover offer from Dubai-based Sidara, worth 216 million pounds ($288,62 million).

The Aberdeen-based firm said that Interim CFO Iain Torrens would replace him.

Gilmartin also will leave his role as director of the board of the company following the shareholder vote on November 12 to confirm the takeover of engineering services firm Sidara, the company announced in a press release.

Gilmartin was the leader of the company for 3 years, including the 1 year-long

Bid process

The bid was marked by numerous offers and rejections. There was also regulatory scrutiny and a delay in the audit that resulted in a suspension of shares that is still not revoked. Sidara was awarded the bid in August.

Wood Group shares fell nearly 88% under Gilmartin’s tenure from his appointment in July 20,22 until their finalization.

On May 1,

Torrens has been a senior finance executive at several listed companies including TalkTalk Group, ICAP and Wood's since February 2025.

(source: Reuters)