Sir Ian Wood
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Sir Ian Wood retires warning Aberdeen 'must invest'

30 October 2012 Last updated at 14:58 GMT

One of Scotland's most successful businessmen will retire with a warning for his native city of Aberdeen.

It has been 40 years since Sir Ian Wood spotted the opportunity of North Sea oil.

He leaves Wood Group as a global leader in its field and with his family fortune worth more than £1bn.

Sir Ian spoke to BBC Scotland's business and economy editor Douglas Fraser.