Scottish entrepreneur Sir Ian Wood leaves Wood Group today after nearly 50 years in the business he transformed from a fishing firm into a global energy service giant.
He has been chairman of the company since 1982 and served as its chief executive from 1967-2006.
He will be replaced as chairman by CEO Allister Langlands, while Bob Keiller, chief executive of the Wood Group PSN division, steps into the CEO role.
Sir Ian said yesterday: “I first became aware of the beginnings of oil activity in Aberdeen in the 1960s, and it’s been my lifetime’s work. This is a good time for me to retire from Wood Group. I was 70 in July and had promised my family for some time I would cut back.
“I want to spend more time on the Wood Family Trust’s philanthropic activities, my sons’ businesses are growing well and there’s also other fairly significant family business interests and investments to look after, so I won’t be idle. But, more importantly . . . Wood Group is in excellent shape.
“I’m often asked about the main reason for Wood Group’s successful growth, and my answer is always the same: it’s the quality, energy and commitment of a terrific group of people.
“A zero start in 1967, to 42,000 people in more than 50 countries in 2012, and now a UK FTSE 100 company, is a great story written by Wood Group people all over the world.
“I look forward with anticipation to watching the continuing successful growth in the future.”