BAE Systems plc announces that Mike Turner will be stepping down as Chief Executive Officer and leaving the Board at the end of August 2008.
The Company is now commencing the process of appointing a successor as Chief Executive Officer to achieve an orderly handover.
Mike Turner said:
"I have decided to retire from the Company next year when I reach 60 after 42 years with the Company, the last five and a half years as CEO. I am pleased to be leaving a great company in such excellent financial shape and with a strong forward strategy and robust business plan."
Dick Olver, Chairman, said:
"I would like to thank Mike for his committed and dedicated service over 42 years; particularly over recent years for his part in the Company’s strong financial performance and strategic execution. The Board wishes Mike the greatest success as he sets about the next phase of his career."
BAE Systems is the premier global defence and aerospace company delivering a full range of products and services for air, land and naval forces, as well as advanced electronics, information technology solutions and customer support services. With 96,000 employees worldwide, BAE Systems' sales exceeded £15 billion (US $27 billion) in 2006 on a pro forma basis, assuming BAE Systems had owned Armor Holdings Inc for the whole of 2006.
(EDITOR’S NOTE: Turner had previously stated that he wanted to stay on as BAE’s chief executive for another six years, but the Board reportedly wants to name a new management team to change the company’s corporate culture.) (ends)
Mike Turner to Retire in August 2008