Wood Group Announces Board Changes

Wood Group announces today a number of Board changes that will become effective 1 November 2012.

– Chairman, Sir Ian Wood, will retire as Chairman and from the Board. Sir Ian has been Chairman since 1982 and was CEO from 1967 to 2006

– CEO, Allister Langlands, will become Chairman. Allister has been with Wood Group since 1991, initially as Financial Director, then eight years as Deputy CEO and CEO since 2007

– Bob Keiller, the Chief Executive of the Wood Group PSN division, will become CEO

 Commenting on these changes, Sir Ian Wood said:

”I have been lucky enough to participate in the very successful and exciting growth of the UK’s oil & gas industry over the last 45 years and seen Wood Group become a successful global player. 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.

”Allister Langlands, who has led the Group extremely effectively in his period as CEO, and 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.

”Bob Keiller is a highly regarded CEO who has led the integration of PSN with Wood Group’s Production Facilities business and the joint team have now created the world’s leading brownfield production services company.

”Over the years I have had the pleasure of working with some wonderful, committed, highly skilled and innovative people across the world. I will miss Wood Group, but will have the satisfaction of knowing it’s in really good hands and look forward to the Group’s continuing success.”

Commenting on these moves, Ian Marchant, Wood Group’s Senior Independent Director, said:

”The leadership of Wood Group has been one of the most stable in the industry. Sir Ian has been an extraordinary leader for the Group, guiding the company from its roots in the North Sea to its position today as a major global oil & gas services company. The Group and its shareholders owe a huge debt to him, and to the executives who have worked so closely with him over the years.

”The Board came to the unanimous decision that Allister is the outstanding candidate to succeed Sir Ian as Chairman and is the right person to lead the Board as Bob and the operational management team take the Group through the next stage of its development. In reaching this decision, the Board has considered carefully the UK Corporate Governance Code recommendation that a chief executive should not normally go on to be chairman of the same company and we have thus 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.”

Allister Langlands, who will become Chairman of Group on 1 November, said:

”I’m looking forward very much to taking on the Chairman’s role and working closely with Bob Keiller, an experienced CEO who has performed well with the Group since he joined us. Bob will be taking over a strong business in a growth market, with an excellent management team and a clearly established strategy. Under his leadership and direction we are confident that the Group will continue its successful growth.”

Bob Keiller, the new CEOas from 1 November this year, said:

”I’m honoured and delighted to be taking on the role of CEO. Wood Group is a great success story, built on an exceptional leadership team, talented and committed people, and a clear strategy over the years. I’m looking forward to continuing to work with Allister in implementing and delivering the current strategic objectives. Under my leadership, Wood Group will continue its focus on safety, growth, people, customers, strong values and performance.”

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.

Commenting on these new appointments to the Board, Allister Langlands said:

”Robin and Mark have each made great contributions and they will add value to our Board deliberations.”

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Offshore Nieuws Staff, July 19, 2012; Image : Wood Group