8th Aug 2019 11:23
(Alliance News) - FTSE 100-listed defence engineer BAE Systems PLC said on Thursday Finance Director Peter Lynas will retire from the company at the end of March 2020.
He will be replaced by Brad Greve, currently finance controller of the wells business at Schlumberger Ltd, the largest oilfield services company in the world. He will join BAE's executive committee in September, working with Lynas to ensure a "smooth handover", the company said.
Chief Executive Charles Woodburn said: "I'm delighted to welcome Greve who, with more than 30 years' experience growing large international portfolios in a complex sector, brings considerable talent to the business and is well-positioned to take the company forward.
"As part of our planned succession process, Greve will work closely with Lynas over the coming months to prepare for the leadership transition in 2020 and ensure continued focus on our strategic priorities."
Woodburn added that Lynas, who was appointed in the role on April 2011, played "a significant role" in the company's strategic development.
Shares in BAE were up 1.3% at 560.40 pence each in London on Thursday morning.
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