Wood Group CEO to step down following takeover deal
16 October 2025
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Ken Gilmartin has informed the board of directors of Wood Group of his intention to step down from his position as group CEO of the company and as a director on its board, according to a statement from the UK-based engineering company.
The announcement comes less than two months after Wood agreed to a $292m conditional takeover bid from Dubai-based Sidara.
Gilmartin will step down after an upcoming shareholder vote on the Sidara transaction and until then will remain in post to support an orderly transition, according to a statement from Wood.
Iain Torrens, currently the company’s interim group chief financial officer (CFO), will take on the role of CEO following Gilmartin’s departure.
A process is under way to identify a new CFO and further announcements will be made in due course on that appointment and the timing of Gilmartin’s departure, Wood said.
The company’s chairman, Roy Franklin is also due to step down in the near future. In May this year, he said that he will step down “as soon as there is greater clarity regarding Wood’s future direction”.
Commenting on the departure of Gilmartin and the appointment of Torrens, Franklin was quoted in the Wood statement as saying: “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.”
In June, Wood announced the appointment of Nick Shorten as the new executive vice-president of the company's projects business unit.
Wood in Mena
As of February, Wood Group employed 35,000 people across about 60 countries, many in consulting and engineering roles.
In the Middle East, the company has project contracts in Iraq; Kuwait; Oman; Qatar; Saudi Arabia; and the UAE, where it has opened its third office in Sharjah.
The firm’s regional projects pipeline includes pre-front-end engineering and design work on Saudi Aramco’s Southern and Northern Areas project in Saudi Arabia.
It is also delivering integrated front-end engineering and design, detailed design, procurement support and construction and commissioning services for TotalEnergies in Iraq.
Despite several years of financial difficulties, Wood Group’s integration into Sidara will significantly boost UAE-based engineering capacity – at a time when many firms in the Middle East and North Africa (Mena) region cite attracting and retaining top engineering talent as a major challenge.
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