Cobham chairman John Devaney will be standing down at the end of December and will be succeeded by senior independent director Michael Wareing.
Devaney is leaving after putting in place new executive leadership with the appointment of David Lockwood as chief executive and David Mellors as chief financial officer, who will start on 12 December and 1 January respectively.
Wareing will take over as chairman with effect from 1 January. 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. His 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.
Following Wareing's appointment as chairman, Jonathan Flint will become senior independent director. The board thanked Devaney for his leadership of Cobham since he joined the board in February 2010, taking over as chairman in May of that year.
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 wh
"ich 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."
At 9:06am: (LON:COB) Cobham PLC share price was +2.55p at 162.55p