Meggitt PLC Directorate Change (3810W)
November 14 2017 - 2:01AM
UK Regulatory
TIDMMGGT
RNS Number : 3810W
Meggitt PLC
14 November 2017
DIRECTORATE CHANGE
14 November 2017
Meggitt PLC
Retirement of Chief Executive and appointment of successor
Meggitt PLC ("Meggitt" or "the Group"), a leading international
company specialising in high performance components and sub-systems
for the aerospace, defence and energy markets, today announces that
Stephen Young, Chief Executive, has advised the Group of his
intention to retire at the end of April 2018. Stephen has served as
Meggitt's Chief Executive for 5 years and, prior to that, for 9
years as Finance Director.
He will be succeeded as Chief Executive by Tony Wood on 1
January 2018, who has been Meggitt's Chief Operating Officer since
December 2016. Stephen will step down from the Board on that date,
and will continue to work closely with the Board and Tony to ensure
an orderly transition, until his retirement on 30 April 2018.
Sir Nigel Rudd, Chairman, said:
"The Board thanks Stephen for his commitment and tremendous
contribution over the past 14 years and particularly during his
time as Chief Executive. Stephen's focus on improving operational
performance in the business has been unerring and will continue to
benefit Meggitt for years to come."
"Tony brings a wealth of industry knowledge, skills and
extensive operational experience from his 30 years in the aerospace
sector. His contribution as Chief Operating Officer has been
outstanding and I know that he will be an excellent successor to
Stephen."
Stephen Young, Chief Executive, commented:
"It has been a privilege to be Chief Executive and to work so
closely with so many talented people in the 14 years since I joined
Meggitt."
"Meggitt is well positioned for the future having won increased
shipset content on key civil platforms which will drive accelerated
growth for decades to come. Over the past five years we have made
significant progress on our strategic initiatives and are beginning
to see the financial benefits, most notably from the Meggitt
Production System with our first sites entering the latter stages
of the programme demonstrating the potential for improvement in
both margin and cash."
"I am delighted that Tony Wood will succeed me as Chief
Executive. Tony has both the vision and experience to further
accelerate the Meggitt growth story. I know that he will take
Meggitt on to even greater things and look forward to working with
him to ensure a smooth handover."
Notes:
This announcement contains inside information.
Please contact:
Enquiries
Meggitt PLC +44 (0)1202 597 597
Stephen Young, Chief Executive
Tony Wood, Chief Operating Officer
Adrian Bunn, Vice President Strategy and Investor Relations
FTI Consulting +44 (0)20 3727 1000
Deborah Scott, Senior Managing Director
Nick Hasell, Managing Director
This information is provided by RNS
The company news service from the London Stock Exchange
END
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