Wood Group Unveils Significant Board Changes Amid Pending AGM and Deloitte Review Outcome

The John Wood Group PLC, an illustrious player in the realm of energy services across multinational echelons, has recently released information concerning seismic shifts in their board structure, closely aligned with the forthcoming AGM. The announcement was made in light of an independent review undertaken by Deloitte, sparked by Wood’s exceptional expenses documented in HY24 financial results.

The initial findings of this independent audit were released on March 31, 2025. Completion of the review has not led to the unveiling of additional factual findings. Despite these revelations, the finalisation of the FY24 annual report and preparatory audit data demands additional work due to the review’s timed complexity. Subsequently, the release of the FY24 financial results will be momentarily delayed. The group’s auditor continues to collaborate with Wood Group to proffer the FY24 accounts at the earliest potential opportunity. Timeline details will be released in due course to the public.

Wood Group’s future evolution is palpable through the nominative changes in the Board. The ensemble of directors must seek election or re-election annually as per Wood Group’s decrees. David Lockwood, Catherine Michel, and Sue Steele, while remaining ardent supporters of Wood and its strategic undertakings, won’t be seeking re-election, citing exceptional time demands and retirement as the rationale. Roy Franklin, the current Chairman, will stand for re-election but will be vacating his wood board position once the company’s future trajectory gains clarity.

This leadership reshuffle serves as a stimulant for the continuous reassessment of the Board’s size, composition, and skills to ensure they align fittingly with Wood Group’s requirements. Leveraging the Deloitte review’s findings, Wood Group is stepping up its fiscal governance, controls, and culture to augment support for FY24 financial procedures.