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WG. Wood Group (john) Plc

132.30
-1.70 (-1.27%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Wood Group (john) Plc LSE:WG. London Ordinary Share GB00B5N0P849 ORD 4 2/7P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.70 -1.27% 132.30 132.50 132.70 134.80 131.10 133.90 1,819,190 16:35:29
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Engineering Services 6.32B -356.3M -0.5150 -2.57 917.38M

Wood Group (John) PLC Appointment of new CEO (5550P)

21/06/2022 7:00am

UK Regulatory


Wood Group (john) (LSE:WG.)
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RNS Number : 5550P

Wood Group (John) PLC

21 June 2022

Appointment of new CEO

21 June 2022

John Wood Group PLC ('Wood' or 'the Company') announces the appointment of Ken Gilmartin as Chief Executive Officer (CEO), effective from 1 July 2022. Ken's appointment follows an extensive selection process that considered both internal and external candidates.

Following 15 years with Jacobs, Ken joined Wood as Chief Operating Officer in August 2021. In his time at Jacobs, Ken held a variety of executive, operational and project leadership roles. Most recently, he was Executive Vice President of the firm's People & Places solutions business, responsible for more than half of Jacobs' overall business portfolio, serving public and private sector clients across a wide range of end markets. With over 25 years' experience, Ken has worked internationally throughout his career including leading the delivery of major projects, and running major operations, in Europe, Asia, North America, and the Middle East.

Ken will succeed Robin Watson, who announced his intention to retire in April 2022. Robin will step down from the board effective 1 July 2022 and will remain with Wood until 30 September 2022 in an advisory role to support a smooth transition.

Roy Franklin, Chairman, said:

"Ken has brought a wealth of industry experience and excellent strategic and leadership skills to Wood, and I am delighted that he will be our new Chief Executive Officer. He has impressed the Board with the impact he has made over the last nine months, where he has brought clarity, structure and focus, and a strong client-centric mindset to the role, and by his drive to lead the development of Wood's future strategy. The Board believes he is a great fit for Wood, with the combination of skills and experience to lead the business through its next strategic phase.

"On behalf of the Board, I thank Robin for his many years of service to the company and wish him all the best in his retirement."

Ken Gilmartin, incoming Chief Executive, said:

"I joined Wood because I could see the great potential in the company, knowing the value of the skills and expertise required to deliver complex and critical projects, operations, and consultancy solutions. In my short time with the business, I have been impressed by the quality of our people, and the strength of our culture and our client relationships, which provide strong foundations on which to build in the years ahead. I believe we have an exciting future in front of us as we capture growth opportunities in energy security and sustainability and deliver value for our shareholders over the medium term.

"I will work with Robin on a seamless transition and thank him for the guidance he has given me over the last nine months".

Robin Watson, current Chief Executive, said:

"After ten years on the board of Wood and having reached an agreement for the sale of our Built Environment business, I am pleased that Ken will now lead the company into its next phase. I wish Ken and everyone at Wood all the best and a very bright future".

For further information:

 
 Simon McGough, President, Investor 
  Relations                             +44 (0)7850 978 741 
 Kevin Smith, Citigate Dewe Rogerson    +44 (0)20 7638 9571 
 

FURTHER INFORMATION

Wood will make available the details relating to Robin Watson required by section 430(2B) of the Companies Act 2006 on our website. The arrangements comply with the Company's Directors' Remuneration Policy and includes a payment of GBP457,543 in respect of his salary and benefits for the unexpired period of his notice period that shall be made in October 2022. This payment is subject to mitigation in the event that Robin takes up a remunerated executive position elsewhere prior to 19 April 2023.

The relevant remuneration details relating to Robin will be included in the Directors' Remuneration Report in the 2022 Annual Report and Accounts.

Wood will include the details of Ken's remuneration arrangements in the 2022 Remuneration Report, but the key elements are as follows:

 
 --   Base salary of GBP750,000 per annum 
 --   Benefits including an annual transport allowance of GBP12,360 
 --   Eligibility for group income protection insurance, private 
       medical insurance, and life assurance. These insured benefits 
       are applicable to the wider workforce in the United Kingdom 
 --   Pension contribution (or a fixed cash allowance in place 
       of such contribution) of up to 9% of base salary, which 
       is in line with the maximum pension rate applicable to the 
       wider workforce in the United Kingdom 
 --   Eligible to participate in Wood's annual bonus arrangements 
       and for the remainder of 2022 he will have a maximum annual 
       bonus opportunity of 175% of base salary 
 --   Any annual bonus award for 2022 would be calculated pro-rata, 
       with 50% calculated based on Ken's maximum entitlement (125%) 
       and salary in his previous role and 50% calculated based 
       on his maximum entitlement (175%) and salary in his role 
       as CEO 
 --   Eligible to participate in Wood's Long-Term Incentive Plan 
       (the "LTIP"), subject to the rules and limits of the LTIP 
       and performance conditions being met which will be set in 
       line with the Policy. For the 2022-2024 performance period 
       he will retain his maximum opportunity of 100% of his base 
       salary as at 1 January 2022, as granted to him in his previous 
       role. Any shares received would be subject to the applicable 
       shareholding requirements 
 

Ken will also receive a gross allowance of GBP150,000 to assist with his relocation to the United Kingdom, payable in three equal instalments on the normal payroll dates in July 2022, January 2023, and August 2023.

Ken will be required to build up and maintain a minimum shareholding equal to 250% base salary.

In relation to Listing Rule 9.6.13R(1), Ken has no current directorships of publicly quoted companies and no such directorships in the previous five years. In relation to Listing Rule 9.6.13R(2)-(6), there are no details to disclose in relation to Ken.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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June 21, 2022 02:00 ET (06:00 GMT)

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