UK: Wood Group Chairman Steps Down

July 19, 2012

Wood Group announced today a number of Board changes that will become effective 1 November 2012.

* Chairman, Sir Ian Wood, will retire as Chairman and from the Board. Sir Ian has been Chairman since 1982 and was CEO from 1967 to 2006
* CEO, Allister Langlands, will become Chairman. Allister has been with Wood Group since 1991, initially as Financial Director, then eight years as Deputy CEO and CEO since 2007
* Bob Keiller, the Chief Executive of the Wood Group PSN division, will become CEO

Commenting on these changes, Sir Ian Wood said:

”I have been lucky enough to participate in the very successful and exciting growth of the UK’s oil & gas industry over the last 45 years and seen Wood Group become a successful global player. We are performing well in a strong market, with a great management team and good prospects and this is an opportune time to retire, particularly as we have in place a strong management succession plan.

”Allister Langlands, who has led the Group extremely effectively in his period as CEO, and demonstrated clear strategic leadership in the recent period of structural repositioning through the sale of Well Support, the acquisition of PSN and return of cash to shareholders, will make a very able Chairman and provide important continuity.

”Bob Keiller is a highly regarded CEO who has led the integration of PSN with Wood Group’s Production Facilities business and the joint team have now created the world’s leading brownfield production services company.

”Over the years I have had the pleasure of working with some wonderful, committed, highly skilled and innovative people across the world. I will miss Wood Group, but will have the satisfaction of knowing it’s in really good hands and look forward to the Group’s continuing success.”

[mappress]

LNG World News Staff, July 19, 2012