‘A good time to go’ as Sir Ian Wood steps down after 45 years at helm

By ALISTAIR MUNRO
Published on 20/07/2012 02:12

Sir Ian Wood, the fourth richest man in Scotland, is retiring as chairman of his family’s international energy services firm after 45 years with the company

The tycoon, who made the announcement just prior to celebrating his 70th birthday tomorrow, has been chairman of Aberdeen-based Wood Group, founded by his father a century ago, since 1982.

He served as chief executive from 1967 to 2006.

Sir Ian, who has made a £50 million donation towards the contentious £140 million project to redevelop Aberdeen’s Union Terrace Gardens, said: “I have been lucky enough to participate in the very successful and exciting growth of the UK’s oil and gas industry over the past 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.”

Earlier this year, the Scottish Rich List estimated the philanthropist’s personal wealth at around £1.2 billion.

Sir Ian will be replaced by current Chief Executive Officer Allister Langlands. Bob Keiller, the chief executive of the group’s PSN division, will become CEO. The appointments will become effective from November 1.

Sir Ian said: “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.”

He added: “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.”

Ian Marchant, Wood Group’s senior independent director, said: “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 and 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.”

Mr Langlands, 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.”