The long-standing chairman of Aberdeen-headquartered energy services giant Wood is to step down.
Ian Marchant has been chairman of the firm since 2014, after first joining the board in 2006.
In a statement today, the firm said Mr Marchant intends to resign as a director and chairman within the next 12 months.
It comes after a new UK Corporate Governance Code was published by the Financial Reporting Council last year, stating that the chairman should not remain in post beyond nine years from his first appointment to the board.
A process to identify a successor is underway and Mr Marchant will stay until that is completed in order to ensure an orderly transition.
He will offer himself for re-election at the company’s next annual general meeting.
Jann Brown, chairwoman of the audit committee, and non-executive director Linda Adamany have also announced they will resign.
Mr Marchant said: “I would like to thank both Jann and Linda for their dedication to Wood.
“They have provided invaluable support to Wood at a time of significant development and we wish them the very best for the future.
“I have thoroughly enjoyed my time on the Wood board and feel I will be able to step down with the business in good shape with a sound platform for sustainable growth in the coming years. “
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