After leaving university he joined the family business, becoming managing director in 1967. He has been awarded honorary doctorates by the University of Aberdeen in 1984,
The Robert Gordon University in Aberdeen in 1998, Since 2004, he has served as
chancellor of the Robert Gordon University. The project was supported by some local businesses though opposed by a large number of local residents. The Union Terrace Gardens project was passed by referendum but was later rejected by the council. In July 2012, Wood announced that he would retire as chairman of Wood Group, with
Allister Langlands as his successor. In 2014, Wood had a net worth of £1.32 billion. Wood is chairman of The Wood Foundation, investing in two areas of activity: making markets work for the poor in
sub-Saharan Africa and developing young people in Scotland. The Foundation applies the principles of venture philanthropy, investing both money and expertise to achieve
systemic change. Wood was promoted to
Knight Grand Cross of the Order of the British Empire (GBE) in the
2016 Birthday Honours for services to the oil and gas industry. In June 2018 he was appointed a
Knight of the Order of the Thistle (KT) in the
2018 Birthday Honours. According to the
Sunday Times Rich List in 2020, Wood is worth an estimated £1.7 billion, a decrease of £54 million on the previous year. ==Chancellor of Robert Gordon University==