Chemring hires Babcock Land & Aviation chief Tom Newman to be CEO
Chemring Group PLC on Thursday said it has hired a 17-year veteran of fellow defence contractor Babcock International Group PLC to be it next chief executive.
Chemring is a Hampshire, England-based provider of technology products and services to the aerospace, defence and security markets. London-based Babcock is an aerospace, defence and nuclear engineering firm.
Tom Newman will join Chemring on October 5 and takeover from Michael Ord as chief executive on January 1. Chemring said Ord is retiring after eight years in post and leaving the board and company on January 1.
Newman mostly recently was chief executive of Babock's Land & Aviation division, a £1 billion per annum revenue business, Chemring said.
Babcock made no announcement on Thursday about Newman's departure.
Chemring shares were down 0.6% to 593.00 pence on Thursday afternoon in London, giving the company a £1.61 billion market capitalisation. Babcock shares were down 1.2% to 1,126.50p for a £5.54 billion market cap.
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