Wood Group is set for a major boardroom reshuffle after the Scottish energy services giant’s long-serving chief financial officer announced plans to step down.
The chairman, Ian Marchant, said Alan Semple, who will retire following the firm’s AGM in May, had made an outstanding contribution in his 19 years with the group.
He held a number of senior roles in the business prior to joining the board as CFO in 2000 a role that saw him take a lead in Wood’s subsequent public flotation.
Current Wood Group PSN chief financial officer David Kemp will assume the role of group deputy CFO on January 1 and will step up to the board as an executive director upon Mr Semple’s departure.
Chief executive Bob Keiller wished Mr Semple well in his retirement and said he looked forward to working directly with his 44-year-old successor.
He said: “David has demonstrated great judgment, financial acumen and knowledge of both our business and the oil and gas industry, and will work with Alan to achieve an effective handover and to continue our focus on improving internal efficiency.”
In addition to the CFO change, Wood yesterday said it was creating a new chief operating officer role for the first time.
Current PSN chief executive Robin Watson will take on the role during the first half of next year, when he will assume responsibility for the PSN, Mustang and Kenny business units.
The firm said the exact timing of this move would depend on the appointment of a suitable successor for the 47-year-old a board member since the start of last year in his current role.
“Creation of the new COO role represents an exciting new phase of the Wood Group growth strategy,” Mr Keiller said.
“By focusing on collaboration across the group, we will create a stronger offering for our clients as well as achieving greater efficiencies in the way we operate.”
Shares in Wood Group closed the day up 13p at 692p yesterday.