The chair of Wood, the Aberdeen-based engineering and consulting group, has confirmed plans to step down after six years at the helm, as the company navigates a period of significant transition and board changes.
Roy Franklin, who has served as chair since 2018, will stand for re-election at the company’s Annual General Meeting (AGM) on 18 June 2025. However, Franklin has made clear his intention to step down from the board once there is greater clarity regarding Wood’s future direction, ensuring a stable handover during a pivotal time for the business. The board has initiated a formal process to identify his successor.
In addition to Franklin’s planned departure, three non-executive directors – David Lockwood, Catherine Michel, and Sue Steele – will not stand for re-election at the forthcoming AGM. Lockwood and Michel’s decisions were reached mutually with the company, citing the exceptional time commitments required by Wood’s current circumstances, while Steele is retiring.
Strategic and Financial Developments
Wood is currently implementing a detailed remediation and governance plan following an independent review led by Deloitte, commissioned after exceptional charges were recorded in the company’s 2024 half-year results. The review has now concluded with no additional factual findings, and the company is progressing with actions to strengthen its financial culture, governance, and controls.
In a statement from the company’s official press release, Wood said: “The Board is focused on ensuring the company emerges from this period of challenge as a stronger, more resilient business, with robust governance and controls in place.”
This plan is overseen by the Chair of the Audit, Risk and Ethics Committee, with external support, and is sponsored by the Chief Financial Officer and the Executive Leadership Team.
Due to the timing and complexity of the review, the publication of Wood’s full-year 2024 accounts has been delayed. The company’s AGM will proceed as scheduled on 18 June 2025 to meet legal requirements, with a further shareholder meeting to be held once the accounts are available. Wood will request restoration of the listing and trading of its shares as soon as practicable after the accounts are published.
Sidara Takeover Proposal and Debt Arrangements
Wood has also received a non-binding conditional proposal from Sidara, including a possible offer of 35 pence per share to acquire the company. The board has indicated it would be minded to recommend such an offer to shareholders, subject to agreement of full terms and conditions. Discussions with Sidara are ongoing, and there is no certainty that a formal offer will be made.
The company has secured temporary retrospective waivers under its committed debt facilities, extended until 30 June 2025, and remains in constructive dialogue with lenders and noteholders regarding debt terms and liquidity arrangements in connection with the potential Sidara offer.
Roy Franklin’s decision to step down comes at a time when Wood is reshaping its board and addressing strategic, financial, and operational challenges. The company’s leadership transition, ongoing governance reforms, and the potential Sidara acquisition are set to shape the next chapter for the Aberdeen-based group.
