John Wood Group, the troubled Aberdeen-based global engineering and consulting giant, on Friday announced major changes to its executive leadership team.
Wood Group said Chief Human Resources Officer Marla Storm, Group General Counsel Michael Rasmuson and Chief Strategy Officer Jennifer Richmond “have stepped down from their respective positions.”
Catherine Liebnitz has been appointed Chief Human Resources Officer and John Habgood has been appointed Group General Counsel, while continuing to serve as Company Secretary.
Liebnitz and Habgood join Wood’s executive leadership team, effective immediately.
Wood CEO Ken Gilmartin said on Friday: “Catherine and John are highly regarded leaders within Wood with a deep understanding of our business, and will provide strong leadership to our human resources and legal functions as part of our executive leadership team.
“I would like to thank Marla, Michael and Jennifer for their contributions to Wood and wish them every success for the future.”
The UK’s Financial Conduct Authority (FCA) has commenced an investigation into Wood covering the period from January 1, 2023, to November 7, 2024.
Wood Group, one of Scotland’s biggest companies, employs more than 35,000 people in 60 countries.
Wood Group said on July 28 its board is continuing to work with Dubai-based Sidara on pre-conditions to a possible takeover offer for Wood. The Aberdeen firm said there was “commercial alignment on the headline terms of the proposed refinancing in connection with the possible offer with Sidara and Wood’s lenders.”
On April 14, Wood received a “holistic non-binding” conditional takeover proposal from Sidara worth about £242 million or 35p per share in cash. Wood said it would be minded to recommend such an offer to its shareholders, subject to agreement of full terms and conditions.
Last year, Wood rejected a cash takeover proposal from Sidara worth about £1.4 billion or £2.05 per share, before the Aberdeen firm became engulfed in problems.
On April 30 this year Wood said its shares would be suspended from listing and from trading on the main market of the London Stock Exchange with effect from 7:30am on May 1, 2025, until its FY24 results were published.
Wood Group shares had fallen almost 90% in the past year amid an independent review by Deloitte following “exceptional contract write-offs” and a “difficult” trading update for the year ended December 31, 2024.