Published by Global Banking & Finance Review®
Posted on October 15, 2025
2 min readLast updated: January 21, 2026
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Wood Group CEO Ken Gilmartin will step down after a shareholder vote on Sidara's takeover bid. Interim CFO Iain Torrens will replace him.
(Reuters) -British oilfield services and engineering firm Wood Group on Wednesday said its chief executive, Ken Gilmartin, will step down next month after its shareholders vote on a 216-million-pound ($288.62 million) takeover bid from Dubai-based Sidara.
Interim CFO Iain Torrens will replace him, the Aberdeen-based company said.
Gilmartin will also exit the role of director of the company's board following the November 12 shareholder vote to confirm engineering services firm Sidara's takeover, the company said in a statement.
Gilmartin led the company for three years, including the year-long bid process marked by multiple offers and rejections, regulatory scrutiny, and an audit delay that led to a share suspension that has not yet been revoked. Sidara won the bid in August.
Wood Group shares plunged nearly 88% during Gilmartin’s tenure, from his appointment in July 2022 until their suspension on May 1.
Torrens joined Wood’s board and executive leadership team in February 2025 and has held senior finance roles across several listed companies, including TalkTalk Group and ICAP.
($1 = 0.7484 pounds)
(Reporting by Ankita Bora in Bengaluru; Editing by Nivedita Bhattacharjee and Harikrishnan Nair)
A takeover bid is an offer made by an individual or company to purchase another company, typically at a premium over the current market price.
A CEO, or Chief Executive Officer, is the highest-ranking executive in a company, responsible for making major corporate decisions and managing overall operations.
Corporate governance refers to the systems and processes that direct and control a company, ensuring accountability and transparency in its operations.
Share performance refers to how well a company's stock performs in the market, often measured by its price changes and dividends over time.
A financial crisis is a situation in which the value of financial institutions or assets drops significantly, leading to widespread economic instability.
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