25th Mar 2020 08:33
(Alliance News) - Aerospace and defence firm Meggitt PLC on Wednesday said Chair Nigel Rudd will not be leaving his post as previously planned, due to the ongoing virus pandemic.
Meggitt in late February, at the time of its 2019 results, had said Rudd would be leaving once a successor was found.
Rudd has been chair since 2015, and Meggitt had said he would be leaving to spend more time on other business interests.
However, Bournemouth-headquartered Meggitt has now decided Rudd will stay "until further notice". He does still plan on retiring, Meggitt said, but the company feels it needs continuity at the moment.
Late last year, the firm was forced to defend Rudd after a significant number of shareholders voted against Rudd's re-election. Shareholders had expressed concern Rudd did not have enough time to focus on his role at Meggitt given other business commitments.
He currently is also chair of South African paper and packaging firm Sappi Ltd and holds the same role at FTSE 250 aviation services company BBA Aviation PLC.
Meggitt shares were 8.0% higher on Wednesday in early trade in London at 302.50 pence each.
By George Collard; [email protected]
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