According to a source, Walters is leaving for an as yet unconfirmed senior in-house role.
Wood's title will be head of corporate communications for FTI Consulting Hong Kong.
Wood was formerly an associate vice-president at Financial Dynamics (which was rebranded FTI Consulting last year). He will be moving to Hong Kong and joining FTI Consulting Asia in late February after serving his three-month notice at MHP.
"This hire is part of our drive to strengthen our corporate communications practice throughout China, India and Singapore," said Ray Bashford, Asia chairman of strategic communications, FTI Consulting.
In the past, continued Bashford, FTI Asia has concentrated on building up its financial communications and has managed to establish itself. "Globally, FTI has a strong corporate communications offering and the idea is to get the Asian corp comm offering more closely aligned, bringing in clients into Asia from Europe and North America."
Wood's mandate will be to strengthen the consultancy's corporate communication offering throughout Hong Kong and Greater China.