(Reuters) -British oilfield services firm Wood Group said on Friday its chairman, Roy Franklin, will stand for re-election at its annual general meeting, but plans to step down once the company’s future direction becomes clear.
Wood Group, which is Dubai-based Sidara’s takeover target, had launched an independent review in November into its accounting for certain exceptional charges in its interim results.
In late April, Wood missed a deadline to file annual results for 2024, citing pending audit conclusion and the timing of the culmination of the review.
The firm’s shares have been suspended from trading since May 1.
On Friday, Wood said its 2024 accounts will not be ready before June 30.
Franklin, who in the past was the head of M&A at BP Exploration, a unit of energy giant BP, has been with Wood Group for nearly five years.
Earlier this month, the firm extended the deadline for the takeover offer by Sidara to June 12.
Wood Group’s annual meet is set to be held on June 18.
(Reporting by DhanushVignesh Babu in Bengaluru; Editing by Shailesh Kuber)
