25th Apr 2019 09:26
LONDON (Alliance News) - Aerospace and defence firm Cobham PLC said Thursday that trading is meeting expectations, while it also appointed a new chair-elect.
Cobham expects USD20 million of savings in 2019, as previously announced, and it is making solid progress on achieving this.
Cobham is also making progressing with qualification of its wing aerial refuelling pod for the KC-46 tanker, with qualification expected mid-2020.
The outlook for 2019 is unchanged, with "considerable" opportunities ahead to improve performance.
On the board front, Cobham has hired Jamie Pike as a non-executive director and as chair-elect from the start of May. He will become chair after a short handover, with Mike Wareing set to depart.
Cobham announced Wareing's departure in March at the time of 2018 results, saying he would leave by the end of 2019.
Pike is currently chair of engineering firm Spirax-Sarco Engineering PLC, and has formerly chaired brickmaker Ibstock PLC, windows and doors products firm Tyman PLC, and US firm MBA Polymers.
Wareing commented: "I am delighted to welcome Jamie to Cobham. He is a very experienced chair and non-executive director, with a background in engineering and defence.
"My stepping down represents the final stage of the rolling succession plan agreed by the board at the time of the rights issue in early 2017, and I am pleased we have delivered on this commitment. Cobham now has a refreshed board to continue improving the group's performance."
Cobham shares were 0.4% higher on Thursday morning at 115.85 pence each.
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