One of the key figures in Wood Group’s £606million acquisition of smaller rival PSN is quitting the oil and gas industry after 34 years.
The Aberdeen-based group said yesterday Duncan Skinner, chief financial officer at Wood Group PSN, would step down from the role in the middle of next month.
His successor has already been appointed. Trap Oil’s finance director chartered accountant David Kemp, 43, will take over the post after he leaves the London-based oil and gas firm on April 12.
Mr Skinner, 55, said he was stepping down to spend more time on north-east social enterprise Glencraft – which makes beds and mattresses and provides employment for people with various disabilities – and other good causes.
He added: “After 34 years in oil and gas I’ve learned enough from many great leaders to be ready to apply these skills to Glencraft and charitable work, while spending more time with my often neglected family. I’ve had a great two years at Wood Group and Sir Ian (former chairman Sir Ian Wood), Allister Langlands (the current chairman) and Alan Semple (group finance director) have been very good to me.”
Top bosses at PSN shared around £150million in Wood Group shares and cash after their business was taken over in 2011.
Mr Skinner’s windfall was estimated to be worth £28million.
The former north-east chairman of the SCDI is the current chairman at Aberdeen-based Glencraft, which shut in 2009, leaving 52 people jobless, but reopened the year after, thanks to a rescue deal put together by PSN.
Wood Group said yesterday Mr Langlands had sold shares worth nearly £1.3million following an award of stock under its long-term incentive plan, while Mr Semple sold shares worth about £3.1million.