Wood chief executive Robin Watson has announced that he is to retire from the role later this year.
Mr Watson, who has led the Aberdeen-based energy services giant since 2016, announced his decision to the stock market at 7am this morning.
He said the sale of Wood's built environment business - which is expected to complete in the next few months - marked the perfect time for him to hand over the reins to someone new.
Wood said the hunt for his successor was already underway and that Mr Watson would remain in post until the successful candidate is in place.
"2022 marks my tenth year on the Wood board and my seventh as chief executive," Mr Watson said.
"When I think back to the business I joined, it was largely focused on the North Sea and Gulf of Mexico and was almost entirely an upstream oilfield services business.
"I reflect with pride on the business we have now and the opportunities we continue to unlock in some very exciting and relevant energy markets: carbon capture, hydrogen, bio-refining, minerals processing, solar and wind energy - all alongside our well-established conventional energy business, helping our clients on their own transition journeys.
"As such, I have shared with the board that I consider the sale of our built environment business as marking the start of the next strategic phase for Wood and an appropriate time for me to step down as chief executive."
Wood chairman Roy Franklin paid tribute to Mr Watson, saying: "On behalf of the board, I thank Robin for his years of service to the company. Under his leadership, Wood has transformed into a global consulting and engineering business that operates across a wide range of energy and industrial markets worldwide.
"Robin has built a strong leadership team around him and a solid portfolio that provides us great opportunities as we look ahead. A search process is now underway, with both internal and external candidates, and we are confident a smooth transition will follow later this year."
The company announced the news alongside its 2021 full year results, which showed that its revenues were down 14% on a like-for-like basis on 2020.
However, the group said its performance and margins improved in the second half of the year and that its order book has risen by 19% to $7.7billion.
The company also provided an update on its operations in Russia, which accounted for around 1% of its revenue in 2021. It has confirmed plans to exit the country and the it has "begun the process of withdrawing operations".