Australia's largest engineering group, WorleyParsons, has announced an unusual succession plan, with internal candidate Andrew Wood selected as the new CEO and incumbent John Grill planning a five-month break before returning as chairman.
Mr Wood, who has held various positions at WorleyParsons for the past 18 years, currently holds the position of group managing director – finance.
Mr Grill joined one of WorleyParsons foundation companies more than four decades ago, overseeing the growth from a small private engineering firm to a publicly-listed company with 40,000 employees across 44 countries.
Mr Wood will take up the position of chief executive and managing director from October 23, at the company's annual general meeting.
Mr Grill will retire from the board at that time, but has accepted the "unanimous invitation of the non-executive directors" to rejoin the board in February 2013 as non-executive chairman.
Current chairman Ron McNeilly will become deputy chairman and lead independent director.
Mr McNeilly said Mr Wood had been identified by the company's board as the right leader to take over from Mr Grill.
“The board has made this decision in the firm knowledge that Andrew is supported by a very capable senior executive team, both at the executive committee and CEO's committee levels,” Mr McNeilly said.
“It signals our transition from a very successful past to a future that is full of opportunity and promise for the company.”
At 11:15AM, WST, WorleyParsons stocks were down nearly 3 per cent, trading at $24.72.
