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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.
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END
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