The 70-year-old will retire from the board after spending the past 45 years as chairman or chief executive of the group.
He will tell staff: "This is a good time for me to retire from Wood Group. I was 70 in July and had promised my family for some time I would cut back. I want to spend more time on the Wood Family Trust's philanthropic activities, my sons' businesses are growing well and there's also other fairly significant family business interests and investments to look after.
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