1st Jul 2020 10:02
(Alliance News) - Babcock International Group PLC on Wednesday named David Lockwood as its new chief executive officer, taking over Archie Bethel who will step down in September.
Lockwood will join Babcock's board on August 17, then become CEO on September 14. Lockwood was formerly CEO of Cobham PLC, which was recently acquired by US private equity firm Advent International Corp for GBP4.0 billion.
He was also the boss of former FTSE 250 technology firm Laird PLC between 2012 and 2016. Laird, like Cobham, was acquired by Advent back in 2018 in a GBP1 billion deal.
Babcock Chair Ruth Cairnie said: "After an extensive search and selection process, I am delighted to welcome David to the company. He brings wide-ranging knowledge of the defence and aviation markets, as well as a wealth of experience in both technology and innovation. His skills and industry expertise will help ensure the delivery of our operational performance and strategic objectives."
Bethel's planned departure was announced back in February. He has been CEO since 2016 and has been at Babcock since 2004.
Babcock shares were 4.4% higher at 323.80 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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