Chemring nabs ex-Royal Navy officer from BAE Systems to take over top job
The chief executive of defence engineer Chemring is to step down and be replaced a top exec from rival BAE Systems, it was announced this morning.
Michael Flowers has announced his decision to retire – his last down serving on the board will be 30 June and he will leave the wider group on 31 October.
Former Royal Navy officer Michael Ord, who has held a number of senior positions with BAE Systems, is expected to start with Chemring on 1 June and formally take over the top job one month later.
Chemring has made steady gains on the stock market since the start of the year – shares are currently up by more than a fifth in 2018. The engineer, however, still has an ongoing bribery probe by the Serious Fraud Office hanging over it.
The firm’s chairman, Carl-Peter Forster, said Flowers – who has had the top job at Chemring since June 2014 – had led the firm “through a period of significant transformation”.
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“Under his leadership, the group has been significantly restructured and strengthened, with a particular focus on safety improvement and the development of a more robust and sustainable business model,” he said.
Flowers said: “Our team has concluded a period of major change and the efforts of all during difficult times has resulted in an organisation that is financially strong, industrially both effective and efficient, and market focused.
“In concentrating on market segments where we have genuine differentiation, market advantage and world-class capabilities, the Group is now well positioned to reap the benefits from a growing market.
I have discussed my potential retirement with the board for some time. I believe that now is the right time for me to retire, and return to Australia, and for someone new to lead the group on the next stage. I wish Michael Ord and the broader Chemring team all the best for the future.
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