TIDMCHG
RNS Number : 6455M
Chemring Group PLC
01 May 2018
FOR IMMEDIATE RELEASE 1 MAY 2018
CHEMRING GROUP PLC ("Chemring", the "Group" or the
"Company")
Directorate Change
Group Chief Executive Appointment
Chemring announces that Group Chief Executive Michael Flowers
has informed the Board of his decision to retire. Michael will step
down from the Board of Chemring on 30 June 2018, and will leave the
Group on 31 October 2018.
Following a comprehensive search process, the Board is pleased
to announce the proposed appointment of Michael Ord as Michael
Flowers' successor. He is expected to join Chemring on 1 June 2018,
and to take over as Group Chief Executive on 1 July 2018.
Michael Ord joins Chemring from BAE Systems, where he has held a
number of senior roles across air, land and sea platforms,
including Managing Director of the BAE Systems Naval Ships business
and Managing Director of the BAE Systems F-35 Joint Strike Fighter
business. Prior to his move into industry in 1996, Michael had a
successful career in the Royal Navy.
Carl-Peter Forster, Chairman of Chemring, said:
"Michael Flowers has led Chemring since June 2014 through a
period of significant transformation. 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 has championed a
culture of operational excellence and the sharing of best practice,
and he leaves the Group well placed for future growth. The Board
joins me in congratulating Michael for all that he has achieved,
and in thanking him for his energy and commitment to Chemring over
the past twelve years. We wish him well in his retirement.
"I am delighted that Michael Ord will be joining Chemring as our
new Group Chief Executive. Michael has a proven track record within
the international defence industry, most notably at BAE Systems,
and I am certain that he has all the necessary skills and
experience to enable Chemring to deliver growth over the next stage
of Chemring's progression.
"We are now moving from a period of significant change and
reorganisation to one of growth and opportunity. The Board looks
forward to working closely with Michael over the coming years."
Michael Flowers, Chief Executive of Chemring, added:
"It has been a privilege to have served with Chemring over the
past 12 years and to have been Chief Executive for the past four.
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."
Outlook for the current financial year
Operational and financial performance continues to progress in
line with expectations and as such the Board's outlook for FY18
remains unchanged.
Interim results for the six months ended 30 April 2018 will be
announced on 21 June 2018.
- ENDS -
This announcement contains inside information that qualified, or
may have qualified, as inside information for the purposes of
Article 17 of the Market Abuse Regulation (EU) 596/2014 (MAR). For
the purposes of MAR and Article 2 of commission implementing
Regulation (EU) 2016/1055, this announcement is made by Sarah
Ellard, Group Legal Director and Company Secretary.
For further information:
Rupert Pittman Group Director of Corporate Affairs, Chemring Group PLC +44 (0)1794 833901
Andrew Jaques James White MHP Communications +44 (0)20 3128 8100
Notes:
1. Michael Ord's biography:
Michael Ord was educated in Northumberland and the Royal Naval
Engineering College, Plymouth, graduating in Aeronautical Systems
Engineering and is a Chartered Engineer with the UK Engineering
Council. Michael completed post-graduate management studies at
Manchester Business School, and in 2017 he completed Harvard
Business School's Advanced Management Programme. He is a trustee of
The Education & Training Foundation, and a member of the Royal
Aeronautical Society.
Michael served as a Commissioned Officer in the Royal Navy for
twelve years in a number of engineering management roles. On
completion of his service career he joined Westland Helicopters
spending two years managing military and civil helicopter
programmes. In 1999 he joined the British Aerospace Military
Aircraft business where he held a number of programme management,
engineering and commercial leadership roles. In 2008 he was
appointed Managing Director of the BAE Systems F-35 Joint Strike
Fighter business, leading teams across the UK and the US. In 2011
he joined BAE Systems Maritime Sector being appointed Managing
Director of the BAE Systems Naval Ships business. From 2016 to date
he has been Director - Programme Management, Engineering and
Operations for the BAE Systems International Operating Group.
2. As CEO of Chemring, Michael Ord will receive an annual salary
of GBP430,000 and a pension allowance of 10% of base salary.
Michael will also be eligible to participate in the annual bonus
plan up to a maximum of 125% of salary and the annual long-term
incentive plan up to 150% of base salary, though he is expected to
receive a one-off award of performance shares of 200% of base
salary shortly after becoming CEO. All these remuneration
arrangements are consistent with the terms of the Director's
Remuneration Policy approved by shareholders at the AGM in March
2016.
3. In accordance with paragraph 9.6.13 (2) - (6) of the UK
Listing Rules, Michael Ord has confirmed that he has no details to
disclose.
Cautionary statement
This announcement contains unaudited information based on
management accounts and forward-looking statements that are based
on current expectations or beliefs, as well as assumptions about
future events. These forward-looking statements can be identified
by the fact that they do not relate only to historical or current
facts. Forward-looking statements often use words such as
anticipate, target, expect, estimate, intend, plan, goal, believe,
will, may, should, would, could, is confident, or other words of
similar meaning. Undue reliance should not be placed on any such
statements because they speak only as at the date of this document
and, by their very nature, they are subject to known and unknown
risks and uncertainties and can be affected by other factors that
could cause actual results, and Chemring's plans and objectives, to
differ materially from those expressed or implied in the
forward-looking statements.
There are a number of factors which could cause actual results
to differ materially from those expressed or implied in
forward-looking statements. Among the factors that could cause
actual results to differ materially from those described in the
forward-looking statements are; increased competition, the loss of
or damage to one or more key customer relationships, changes to
customer ordering patterns, delays in obtaining customer approvals
for engineering or price level changes, the failure of one or more
key suppliers, the outcome of business or industry restructuring,
the outcome of any litigation, changes in economic conditions,
currency fluctuations, changes in interest and tax rates, changes
in raw material or energy market prices, changes in laws,
regulations or regulatory policies, developments in legal or public
policy doctrines, technological developments, the failure to retain
key management, or the key timing and success of future acquisition
opportunities or major investment projects.
Chemring undertakes no obligation to revise or update any
forward-looking statement contained within this announcement,
regardless of whether those statements are affected as a result of
new information, future events or otherwise, save as required by
law and regulations.
Notes to editors
-- Chemring is a global business that specialises in the
manufacture of high technology products and the provision of
services to the aerospace, defence and security markets
-- Employing approximately 2,600 people worldwide, and with
production facilities in four countries, Chemring meets the needs
of customers in more than fifty countries
-- Chemring is now organised under three strategic product
segments: Countermeasures, Sensors, and Energetics
-- Chemring has a diverse portfolio of products that deliver
high reliability solutions to protect people, platforms, missions
and information against constantly changing threats
-- Operating in niche markets and with strong investment in
research and development, Chemring has the agility to rapidly react
to urgent customer needs
This information is provided by RNS
The company news service from the London Stock Exchange
END
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