REG - Wood Group (John)PLC - Appointment of new CEO

John WoodAnnouncement

21/06/2022 07:00

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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 £457,543 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 £750,000 per annum
 ·   Benefits including an annual transport allowance of £12,360
 ·   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 £150,000 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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