Aberdeen energy services giant Wood unveils new chief executive and salary details

Wood, the Aberdeen-headquartered global energy and engineering services group, has a new chief executive.

The group, which employs 40,000 people in more than 60 countries, said Ken Gilmartin would take over the post from the start of July. He succeeds Robin Watson, who announced his intention to retire in April.

Watson will step down from the board on July 1 but will remain with the group until the end of September in an advisory role to “support a smooth transition”.

Following 15 years with Jacobs, Gilmartin joined Wood as chief operating officer in August 2021. In his time at Jacobs, he held a variety of executive, operational and project leadership roles.

With more than 25 years’ experience, Gilmartin has worked internationally throughout his career including leading the delivery of major projects, and running major operations, in Europe, Asia, North America and the Middle East.

He will receive a base salary of £750,000 as chief executive with a maximum annual bonus opportunity of 175 per cent of salary. The new boss will also receive a gross allowance of £150,000 to assist with his relocation to the UK.

He will be required to build up and maintain a minimum shareholding equal to 250 per cent of base salary, the group noted.

Chairman Roy Franklin said: “Ken has brought a wealth of industry experience and excellent strategic and leadership skills to Wood. He has impressed the board with the impact he has made over the last nine months, where he has brought clarity, structure and focus, and a strong client-centric mindset to the role, and by his drive to lead the development of Wood’s future strategy.

Ken Gilmartin is taking up the chief executive role at Wood from the start of July.

“The board believes he is a great fit for Wood, with the combination of skills and experience to lead the business through its next strategic phase.”

Gilmartin said: “I joined Wood because I could see the great potential in the company, knowing the value of the skills and expertise required to deliver complex and critical projects, operations, and consultancy solutions.

“In my short time with the business, I have been impressed by the quality of our people, and the strength of our culture and our client relationships, which provide strong foundations on which to build in the years ahead.

“I believe we have an exciting future in front of us as we capture growth opportunities in energy security and sustainability and deliver value for our shareholders over the medium term.

“I will work with Robin on a seamless transition and thank him for the guidance he has given me over the last nine months”.

Watson added: “After ten years on the board of Wood and having reached an agreement for the sale of our Built Environment business, I am pleased that Ken will now lead the company into its next phase. I wish Ken and everyone at Wood all the best and a very bright future.”

Earlier this month, Wood hailed the marking of a “new chapter” with the sale of its Built Environment consulting arm in a deal worth about $1.9 billion (£1.5bn).