Cobham PLC Cobham plc appoints new Chairman (7668P)
November 22 2016 - 1:02AM
UK Regulatory
TIDMCOB
RNS Number : 7668P
Cobham PLC
22 November 2016
22 November 2016
Cobham plc announces the appointment of new Chairman
John Devaney has informed the Cobham Board that he will be
standing down as Chairman and Board member of Cobham plc with
effect from 31 December 2016. This follows the appointment of David
Lockwood as Cobham's Chief Executive Officer (CEO) and David
Mellors as Cobham's Chief Financial Officer (CFO), who will start
on 12 December 2016 and 1 January 2017 respectively.
Michael Wareing, currently Cobham Senior Independent Director
and member of the Remuneration Committee, will take over as
Chairman with effect from 1 January 2017. It is currently
anticipated that the term of this appointment will be for a period
no longer than that ending at the 2019 Annual General Meeting.
Michael's key responsibilities in this period will include
supporting the new CEO and CFO, and, in due course, running a
selection process to identify the next Chairman.
The Board thanks John for his leadership of Cobham since he
joined the Board in February 2010, taking over as Chairman in May
of that year.
Michael is also Senior Independent Director and Chairman of the
Audit Committee of Intertek Group plc. He was previously a Director
and the Audit Committee Chairman of Wolseley plc (2009-2014), the
International CEO of KPMG (2005-2009) and the Prime Minister's
Special Envoy for Reconstruction in Southern Iraq (2007-2009).
Following Michael's appointment as Chairman, Jonathan Flint will
become Senior Independent Director.
John Devaney said: "After serving as the Chairman of Cobham for
over six years, I have decided that, having put in place new
executive leadership, now is the right time for me to hand over the
baton. Cobham is a great company and it has been a real privilege
to be Chairman. Although the last year has been challenging, I am
pleased that we successfully concluded our Rights Issue in June
2016 and secured the appointment of David Lockwood and David
Mellors. Continuity in the Chairman's role will be important in the
period during which the new executive team take on their roles.
Therefore I am delighted that the Board has agreed to appoint
Michael Wareing to take over as Chairman. I wish him and Cobham
every success going forward."
- ends -
This announcement contains inside information.
Notes to editors
It is proposed Michael Wareing will be paid GBP270,000 in the
role. An announcement on Michael's replacement on the Remuneration
Committee and the appointment of an additional non-executive
director will be made in due course.
About Cobham
Cobham is a leading global technology and services innovator,
respected for providing solutions to the most challenging problems,
from deep space to the depths of the ocean.
We employ around 11,000 people on five continents, and have
customers and partners in over 100 countries, with market leading
positions in: wireless, audio, video and data communications,
including satellite communications; defence electronics; air-to-air
refuelling; aviation services; life support and mission
equipment.
Enquiries
Cobham
Julian Wais, Director of Investor
Relations +44 (0) 1202 857998
Elizabeth Harraway, VP, Communications +44 (0) 7718 694819
Brunswick
Michael Harrison/Charles Pemberton +44 (0) 207 404 5959
This information is provided by RNS
The company news service from the London Stock Exchange
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