Ian Wood retires as chairman of Wood Group; Allister Langlands takes over

(Allister langlands (left) has replaced Sir Ian Wood as the new chairman of Wood Group)

Sir Ian Wood will soon retire as chairman of Wood Group and CEO Allister Langlands will replace him as the new chairman. Sir Ian has been chairman since 1982 and was CEO from 1967 to 2006. Allister has been with Wood Group since 1991, initially he was the Financial Director, then for eight years he was deputy CEO, and CEO since 2007. Bob Keiller, Chief Executive of the Wood Group PSN division, will become CEO.

Commenting on these changes, Sir Ian Wood said, "Allister Langlands, who has 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.” He said Bob Keiller is a highly regarded CEO who has led the integration of PSN with Wood Group's Production Facilities business.

Ian Marchant, Wood Group's Senior Independent Director said the Board came to the unanimous decision that Allister would succeed Sir Ian as chairman, after considering the UK Corporate Governance Code recommendation that a chief executive should not normally go on to be chairman of the same company. He said, “We have consulted with representatives of our major shareholders holding in excess of 40% of the equity in the company. They recognised that Allister has been with the Group for over 20 years, has been a successful CEO and provides the necessary continuity at the top level for our people and customers and, in these circumstances, they unanimously supported the board changes."

Alongside these moves, Robin Watson, the current Head of Wood Group PSN in the UK, will succeed Bob Keiller as Chief Executive of the Wood Group PSN division and will join the Board on 1 January, 2013. Mark Dobler, the new Chief Executive of the Wood Group GTS division will join the Board on 1 January 2013, having been with the Group for over 10 years.