(Reuters) -British oilfield services and engineering firm Wood Group on Wednesday said its chief executive, Ken Gilmartin, will step down next month after its shareholders vote on a 216-million-pound ($288.62 million) takeover bid from Dubai-based Sidara.
Interim CFO Iain Torrens will replace him, the Aberdeen-based company said.
Gilmartin will also exit the role of director of the company’s board following the November 12 shareholder vote to confirm engineering services firm Sidara’s takeover, the company said in a statement.
Gilmartin led the company for three years, including the year-long bid process marked by multiple offers and rejections, regulatory scrutiny, and an audit delay that led to a share suspension that has not yet been revoked. Sidara won the bid in August.
Wood Group shares plunged nearly 88% during Gilmartin’s tenure, from his appointment in July 2022 until their suspension on May 1.
Torrens joined Wood’s board and executive leadership team in February 2025 and has held senior finance roles across several listed companies, including TalkTalk Group and ICAP.
($1 = 0.7484 pounds)
(Reporting by Ankita Bora in Bengaluru; Editing by Nivedita Bhattacharjee and Harikrishnan Nair)
