Consulting and engineering firm Wood has announced that the company’s chief executive officer, Ken Gilmartin, will be stepping down from his role as CEO and director of the board.
Gilmartin will step down after the upcoming shareholder vote on the Sidara transaction and will remain in his role until then to ensure an orderly transition.
Iain Torrens, currently the company’s interim chief financial officer, will take on the role of CEO following Gilmartin’s departure.
Torrens joined Wood’s board and executive leadership team in February 2025. He has over three decades of senior leadership experience, including executive director and CFO roles at TalkTalk Group and ICAP. He was most recently the chairman and non-executive director of Praxis Group.
“We are pleased to announce the appointment of Iain as Wood’s new CEO. The board is confident he is well-placed to lead the company into its next chapter. On behalf of the board and the company, I would like to wish Ken all the best for the future,” said Roy Franklin, chair of Wood’s board.
“It’s a privilege to lead Wood and our exceptional global team of over 35,000, who have remained committed to delivering for our clients through a difficult period. My immediate priority is delivering our full-year 2024 audited accounts and half-year 2025 results so we can move forward with clarity,” Torrens stated.
Sidara has made an offer of 30 pence in cash per Wood share. The offer prices Wood at £207.6m ($280.2m). The Wood board has concluded that it would be minded to recommend the offer to its shareholders.
