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."
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This announcement contains inside information.
Notes to editors
It is proposed Michael Wareing will be paid £270,000 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.
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.
Julian Wais, Director of Investor Relations
Elizabeth Harraway, VP, Communications
Michael Harrison/Charles Pemberton
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