Meggitt PLC Directorate Change (3810W)

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RNS Number : 3810W

Meggitt PLC

14 November 2017

DIRECTORATE CHANGE

14 November 2017

Meggitt PLC

Retirement of Chief Executive and appointment of successor

Meggitt PLC ("Meggitt" or "the Group"), a leading international company specialising in high performance components and sub-systems for the aerospace, defence and energy markets, today announces that Stephen Young, Chief Executive, has advised the Group of his intention to retire at the end of April 2018. Stephen has served as Meggitt's Chief Executive for 5 years and, prior to that, for 9 years as Finance Director.

He will be succeeded as Chief Executive by Tony Wood on 1 January 2018, who has been Meggitt's Chief Operating Officer since December 2016. Stephen will step down from the Board on that date, and will continue to work closely with the Board and Tony to ensure an orderly transition, until his retirement on 30 April 2018.

Sir Nigel Rudd, Chairman, said:

"The Board thanks Stephen for his commitment and tremendous contribution over the past 14 years and particularly during his time as Chief Executive. Stephen's focus on improving operational performance in the business has been unerring and will continue to benefit Meggitt for years to come."

"Tony brings a wealth of industry knowledge, skills and extensive operational experience from his 30 years in the aerospace sector. His contribution as Chief Operating Officer has been outstanding and I know that he will be an excellent successor to Stephen."

Stephen Young, Chief Executive, commented:

"It has been a privilege to be Chief Executive and to work so closely with so many talented people in the 14 years since I joined Meggitt."

"Meggitt is well positioned for the future having won increased shipset content on key civil platforms which will drive accelerated growth for decades to come. Over the past five years we have made significant progress on our strategic initiatives and are beginning to see the financial benefits, most notably from the Meggitt Production System with our first sites entering the latter stages of the programme demonstrating the potential for improvement in both margin and cash."

"I am delighted that Tony Wood will succeed me as Chief Executive. Tony has both the vision and experience to further accelerate the Meggitt growth story. I know that he will take Meggitt on to even greater things and look forward to working with him to ensure a smooth handover."

Notes:

This announcement contains inside information.

Please contact:

Enquiries

Meggitt PLC [phone]

Stephen Young, Chief Executive

Tony Wood, Chief Operating Officer

Adrian Bunn, Vice President Strategy and Investor Relations

FTI Consulting [phone]

Deborah Scott, Senior Managing Director

Nick Hasell, Managing Director

This information is provided by RNS

The company news service from the London Stock Exchange

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November 14, 2017 02:01 ET (07:01 GMT)