Babcock International Group PLC Babcock appoints new Chief Executive (6187R)
July 01 2020 - 1:00AM
UK Regulatory
TIDMBAB
RNS Number : 6187R
Babcock International Group PLC
01 July 2020
1 July 2020
Babcock appoints new Chief Executive
Babcock International Group PLC (Babcock), the aerospace and
defence company, announces the appointment of David Lockwood as
CEO, succeeding Archie Bethel, who earlier this year announced his
intention to retire. David will join the Company and the Board on
17 August 2020 as CEO designate and will become CEO on 14 September
2020, at which point Archie will step down from the Board.
David was previously CEO of Cobham plc, one of the UK's largest
defence companies and a leading global technology and services
innovator. Prior to that, he was CEO of Laird PLC, a FTSE 250
technology company, from 2012 to 2016.
His career includes senior management roles at BT Global
Services, BAE Systems and Thales Corporation. David has a Degree in
Mathematics from the University of York and is a chartered
accountant. He is a Fellow of the Royal Aeronautical Society and
the Royal Society of Arts and Commerce. He received an OBE for
services to industry in Scotland in 2011.
Ruth Cairnie, Chair, said:
"After an extensive search and selection process, I am delighted
to welcome David to the Company. He brings wide-ranging knowledge
of the defence and aviation markets, as well as a wealth of
experience in both technology and innovation. His skills and
industry expertise will help ensure the delivery of our operational
performance and strategic objectives.
"I would like to thank Archie for his outstanding contribution
to Babcock over 16 years. He enhanced our deep relationship with
our customers, reflected in our record order book and pipeline, and
made significant progress in internationalising the Company and
streamlining our portfolio. We have been very fortunate to have a
leader with such profound knowledge of the business. Archie will
retire from the Board with our very best wishes and our sincere
appreciation for everything he has achieved."
Archie Bethel said:
"It has been an honour and a privilege to serve at Babcock,
which makes a unique contribution to national security and to
saving lives. I would like to thank all our employees worldwide for
their hard work and commitment over my time of service, which has
been exemplified in their outstanding response to the
pandemic."
David Lockwood said:
"I am looking forward to joining Babcock, a company I have long
respected, which makes such an important contribution to the
critical markets it serves. This is an exciting opportunity to
position Babcock for further success and future growth, and to make
full use of technology and innovation to support customers in the
UK and internationally."
ends
For further information please contact:
Babcock International Group PLC
Simon McGough Kate Hill
Director of Investor Relations Group Director of
Communications
Tel: +44 (0)7850 978 741 Tel: +44 (0)20 7355 5312
FTI Consulting
Nick Hasell, Alex Le May
Tel: +44 (0)20 3727 1340
Notes:
Babcock will make available the details relating to Archie
Bethel required by section 430(2B) of the Companies Act 2006 in
September. As Archie is retiring, he will be a good leaver in
respect of Babcock's incentive schemes. The final arrangements will
be in line with Babcock's remuneration policy.
Babcock will include the details of David's remuneration
arrangements in the 2021 Remuneration Report but the key elements
are as follows:
-- Base salary of GBP800,000 per annum;
-- Pension allowance of 10% of salary;
-- Benefits in line with Babcock's remuneration policy;
-- Eligible to participate in the Directors' annual bonus scheme
up to 150% of salary (40% of which will be deferred for three years
under Babcock's deferred bonus scheme) and Babcock's long term
incentive plan up to an annual award of 200% of salary in respect
of performance shares.
Babcock is not required to buy out any pre-existing
arrangements.
In relation to Listing Rule 9.6.13R(1), David has no current
directorships of publicly quoted companies and no such
directorships in the previous five years other than those referred
to above. In relation to Listing Rule 9.6.13R(2)-(6), there are no
details to disclose in relation to David.
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END
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