Wood will step down as the chairman after 30 years and will leave the board from Nov. 1, the Aberdeen, Scotland-based company said today in a statement. He will be replaced by Allister Langlands, who serves as the chief executive officer. Bob Keiller, the CEO of Wood Group’s PSN unit, will head the company replacing Langlands.
“We are performing well in a strong market, with a great management team and good prospects and this is an opportune time to retire, particularly as we have in place a strong management succession plan,” Wood said in the statement.
Wood is grandson of William Wood, who founded Wood & Davidson, a ship and marine engineering firm, in 1912. During Ian Wood’s tenure, the company expanded operations into the oil service industry when crude was discovered in the North Sea in 1970s. The company employs more than 41,000 people and is operating in 50 countries now.
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