Embattled Aberdeen-based engineering and consulting giant John Wood Group announced on Thursday the appointment of Iain Torrens as interim chief financial oficer (CFO) amid a “critical period” for the firm.

On Monday, Wood said it received a new approach from Dubai-based firm Sidara in relation to a possible offer for Wood.

Wood shares have fallen about 70% in recent months amid an independent review by Deloitte following “exceptional contract write-offs” and a “difficult” trading update for the year ended December 31, 2024.

On February 14, Wood said the Deliotte review was continuing and revealed: “The company is initiating steps to strengthen significantly the group’s financial culture, governance and controls in light of material identified weaknesses and failures.”

Torrens will also join the company’s board as an executive director, effective immediately.

Torrens’s appointment is interim while the company conducts a comprehensive search process for a permanent CFO, following the resignation of the Group’s CFO.

Wood said on February 19 that CFO Arvind Balan resigned following “the incorrect description of his professional qualifications in various statements in the public domain.”

Wood said on Thursday: “A fellow of the Institute of Chartered Accountants in Ireland, Mr Torrens brings over three decades of finance experience.

“He was previously an Executive Director and Group CFO at several UK public companies, including TalkTalk Group plc, a telecommunications company and ICAP plc, a global financial services group.

“Most recently, he was Chairman and Non-Executive Director of Guernsey headquartered Praxis Group Ltd, a role he held until October 2024.”

Wood CEO Ken Gilmartin said: “The Board and I acted quickly to appoint an interim CFO. This is a critical period for Wood and Iain is a seasoned CFO with the necessary capital markets experience and proven leadership in refinancing and financial reporting, as well as risk management, audit and compliance.

“I look forward to working closely with Iain in this next phase to ensure a strong and sustainable future for Wood. The search to identify a permanent CFO for the Group will continue.” 

Torrens said: “I am pleased to join Wood’s Board and executive management team. While there are clear challenges today, I am focused on the significant opportunity here and look forward to working with Ken and the team to help realise this.”