17th Jan 2019 16:28
LONDON (Alliance News) - FTSE 250-listed engineering services group Babcock International Group on Thursday said that Chair Mike Turner will step down from his role at the group's annual general meeting in July.
He will be leaving in light of the introduction of the new UK Corporate Governance Code.
In July 2018 , as part of its newly released Corporate Governance Code, the UK Financial Reporting Council emphasised the need for companies to refresh their boards and undertake succession planning.
In particular, the code proposed that the chair of a company should not remain in post beyond nine years.
Turner has been chairman at Babcock for ten years since 2009, and his most recent executive role was at FTSE 100-listed defence giant BAE Systems PLC for six years from 2002 to 2008.
Senior Independent Director David Omand will lead an the succession process to find a new Chair,
"I would like to thank Mike on behalf of the Babcock board for his service and commitment over his time with the company. It has been an honour to work with Mike and Babcock has been fortunate to have had the benefit of his wealth of experience and knowledge. We wish him all the best for the future," said Chief Executive Officer Archie Bethel.
Shares in Babock International Group were down 2.5% at 534.20 pence on Thursday.
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