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RNS Number : 5031T
QinetiQ Group plc
21 March 2019
QinetiQ Group plc Directorate Change. Non-executive Director
Appointment.
Mark Elliott to retire as Chairman in July 2019
Neil Johnson appointed to succeed him
21 March 2019 - QinetiQ Group plc today announced the
appointment of Neil Johnson as an independent Non-executive
Director to the QinetiQ Board with effect from 2 April 2019. Neil
will assume the role of Chairman when Mark Elliott retires from the
QinetiQ Board at the conclusion of the Annual General Meeting on 24
July 2019. On appointment, Neil will become a member of the Audit,
Remuneration, Nominations, Risk & CSR, and Security
Committees.
Neil Johnson has extensive Board experience and is currently
Chairman of the FTSE250 global polymers and specialist chemicals
company Synthomer. Until March 2017 he also chaired defence
technology company e2v technologies.
After Sandhurst and the Army, Neil spent much of his early
career in the automotive and engineering industries. He was
worldwide Sales and Marketing Director at Jaguar before being
seconded to the UK Ministry of Defence to command 4th Battalion The
Royal Green Jackets with an operational role in Germany. After the
three-year secondment, he returned to industry with British
Aerospace, initially running Land Rover and then all of its
European automotive operations. Neil was later CEO of the RAC where
he managed the demutualisation and sale process.
For the past seven years, Neil has been Senior Independent
Director of the Business Growth Fund. He is also a former Director
General of the Engineering Employers Federation and was a Home
Office appointed Independent Member of the Metropolitan Police
Authority in the years running up to the London Olympics in
2012.
Michael Harper, Senior Independent Director, who led the process
to appoint a successor to Mark said:
"We undertook a rigorous, independent search for candidates who
could enhance the delivery of our vision for QinetiQ, and provide
the right support and constructive challenge to our executive team.
We are delighted that Neil Johnson will be joining us. He is a
former CEO and seasoned plc Chairman, and has experience in
defence, with both Army service and later as an advisor to the UK
Ministry of Defence.
"On behalf of the Board I would like to thank Mark for the
significant contribution he has made to QinetiQ over the past ten
years during which time he has overseen the rebuilding of our
balance sheet and implementation of a strategy to deliver long-term
and sustainable growth."
Mark Elliott said:
"It has been a great privilege to chair QinetiQ during a period
of considerable change. The Company has a renewed strategic focus
and a strong executive team. With his extensive and varied
boardroom experience, Neil Johnson is a tremendous choice to be my
successor. I look forward to welcoming him to the Board when he
joins in April."
Neil Johnson said:
"I am delighted to be joining the Board of QinetiQ and to be
succeeding Mark in due course. During his successful tenure, sound
foundations have been laid for the future development of the
business. I will be joining a Company whose performance is
gathering momentum thanks to a clear strategy, strong leadership
and a robust balance sheet. The future is exciting for QinetiQ and
I am looking forward to working with the Board of Directors and the
executive team."
Neil Johnson other appointments
Neil Johnson retires from his role as Chairman of Motability
Operations Group plc at the end of March 2019, having served nine
years on the Board.
It has also been announced that Neil will step down as Chairman
of Centaur plc prior to becoming QinetiQ Chairman in July 2019.
Since May 2016, Neil has been Chairman of Electra plc, the
former private equity firm which has returned more than GBP2bn to
its shareholders during this period. As agreed by shareholders,
Electra is now running off its final few investments and reducing
overheads prior to closing the fund once that process has been
successfully concluded.
He remains Chairman of Synthomer plc, the global polymers and
specialist chemicals business, and is Senior Independent Director
at the Business Growth Fund.
9.6.11R and 9.6.13R of the Listing Rules of the UK Listing
Authority
This notice is given in fulfilment of the obligation under
paragraph 9.6.11R of the Listing Rules. There are no further
details that are required to be disclosed in respect of Neil
Johnson's appointment under paragraph 9.6.13 of the Listing
Rules.
S430(2B) Companies Act 2006
Mark Elliott has not and will not receive any loss of office
payments, nor will he be paid any further remuneration for his
service as a Director of QinetiQ Group plc, other than fees due for
his services up to the date he leaves.
Fees
Neil Johnson's fees will be GBP49,000 per annum payable from 2
April 2019. Upon his appointment as Chairman his fees will be
GBP250,000 per annum.
About QinetiQ:
QinetiQ (QQ.L) is a leading science and engineering company
operating primarily in the defence, security and critical
infrastructure markets. We work in partnership with our customers
to solve real world problems through innovative solutions
delivering operational and competitive advantage. Visit our website
www.QinetiQ.com. Follow us on LinkedIn and Twitter @QinetiQ. Visit
our blog www.QinetiQ-blogs.com.
For further information please contact:
David Bishop, Group Director Investor Relations and Communications: +44 (0) 7920 108675
Ian Brown, Group Head of Investor Relations: +44 (0) 7908 251123
Jon Hay-Campbell, Group Head of Communications +44 (0) 7500 856953
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END
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