Published by Global Banking & Finance Review®
Posted on May 23, 2025
1 min readLast updated: January 23, 2026
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Wood Group's chair plans to exit amid strategic review. The firm faces delays in 2024 results and a takeover bid by Sidara.
(Reuters) -British oilfield services firm Wood Group said on Friday its chairman, Roy Franklin, will stand for re-election at its annual general meeting, but plans to step down once the company's future direction becomes clear.
Wood Group, which is Dubai-based Sidara's takeover target, had launched an independent review in November into its accounting for certain exceptional charges in its interim results.
In late April, Wood missed a deadline to file annual results for 2024, citing pending audit conclusion and the timing of the culmination of the review.
The firm's shares have been suspended from trading since May 1.
On Friday, Wood said its 2024 accounts will not be ready before June 30.
Franklin, who in the past was the head of M&A at BP Exploration, a unit of energy giant BP, has been with Wood Group for nearly five years.
Earlier this month, the firm extended the deadline for the takeover offer by Sidara to June 12.
Wood Group's annual meet is set to be held on June 18.
(Reporting by DhanushVignesh Babu in Bengaluru; Editing by Shailesh Kuber)
Wood Group's chairman, Roy Franklin, plans to step down after the company's future becomes clearer, but he will stand for re-election at the annual general meeting.
Wood Group's shares have been suspended from trading since May 1 due to the company's failure to file its annual results for 2024, which is pending an audit conclusion.
The deadline for Sidara's takeover offer has been extended to June 12, as announced by Wood Group earlier this month.
Wood Group has stated that its 2024 accounts will not be ready before June 30.
Wood Group's annual general meeting is set to be held on June 18.
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