In his new role, Wood will work with VML’s global clients in Europe and continue to report to Jon Cook, the global chief executive.
Amanda Farmer, the client services director, will replace Wood as the managing director, also reporting to Cook.
Wood became the managing director in 2011 and has worked on accounts including the Premier League and Virgin Active.
As the client services director, Farmer ran the Virgin Active and Xbox accounts. She took the role in February last year.
Before that, she was a business director at Isobar from June 2013. Farmer’s career also includes spells at Work Club, Dare and Elvis.