John Wood Group, the troubled Aberdeen-based global engineering and consulting giant, said on Wednesday that Ken Gilmartin has informed the board of his intention to step down as group chief executive officer (CEO) and as a director of the board.
Gilmartin will be succeeded by Iain Torrens, currently the group’s interim group chief financial officer (CFO).
Dubai-based Sidara finally announced on August 29 a proposed deal to take over John Wood Group in a proposed acquisition that is subject to a large number of conditions it said are “highly unusual” under the UK’s Takeover Code.
“Ken will step down after the upcoming shareholder vote on the Sidara transaction and until then will remain in post to support an orderly transition,” said Wood.
“Iain Torrens, currently the group’s interim group chief financial officer (CFO), will take on the role of CEO with effect from Ken’s departure.
“Iain joined Wood’s board and executive leadership team in February 2025. He has over three decades of senior leadership experience across listed companies, including executive director and group CFO roles at TalkTalk Group plc and ICAP plc.
“Iain has a strong track record in corporate governance, strategic transformation and board stewardship. He was most recently chairman and non-executive director of Praxis Group Ltd, a Guernsey-based financial services firm, until October 2024. He is a Fellow of Chartered Accountants Ireland.
“A process is underway to identify a new CFO and further announcements will be made in due course on that appointment and the timing of Ken’s departure.”
Wood chair Roy Franklin said: “We are pleased to announce the appointment of Iain as Wood’s new CEO. Since joining the company earlier this year, Iain has demonstrated experience, leadership and decisiveness to guide the business through a very challenging period. 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.”
Torrens said: “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.
“I’m grateful for the opportunity to support our people, drive performance, and strengthen client confidence as we shape a resilient, growth-focused future for Wood.”