Directorate Change

RNS Number : 3223U

QinetiQ Group plc

15 October 2014

 



QinetiQ Group plc

LEO QUINN TO STEP DOWN AS GROUP CHIEF EXECUTIVE OF QINETIQ

QinetiQ Group plc announces that after leading the successful transformation of the defence, security and aerospace company, Group Chief Executive Leo Quinn has tendered his resignation in order to take up the role of CEO at Balfour Beatty.

Leo Quinn will leave QinetiQ effective 31 December 2014 and QinetiQ has already commenced the search for a new CEO to lead the company as it focuses on its growth opportunities.  In addition to his current responsibilities, the Group's Chief Financial Officer David Mellors, who has been with QinetiQ since 2008 and played a key role in its transformation, will take over as acting CEO on 1 January 2015 until a permanent appointment is made.

Mark Elliott, QinetiQ Chairman said: "Leo Quinn arrived at QinetiQ at a difficult point in the company's history with a downturn in defence spending on the horizon. His vision and leadership have transformed QinetiQ into the strong, competitive company it is today, better positioned to deliver growth through its Organic-Plus strategy.  On behalf of the Board, I wish Leo every success in his new role."

Commenting on his departure Mr Quinn said the following in a letter to all employees: "The company I am leaving today looks very different to the one I joined in 2009. We have a confident, capable leadership team and an empowered, engaged workforce, taking immense pride in serving our customers and through them, the men and women in frontline forces across the world. By refocusing on these truths in the last five years we have enhanced QinetiQ's reputation, made it a more rewarding place to work and delivered substantial shareholder value.  As a result we have created something significant, not just in the QinetiQ of today, but in the enormous opportunities it now has, for tomorrow."

QinetiQ reaffirmed its guidance for Group performance in the current financial year in its pre-close trading update published on 30 September 2014.  The £150m share buyback, initiated on 28 May 2014, will continue as planned.

This announcement is made in accordance with LR 9.6.11R of the FCA Listing Rules.  Mr Quinn has not and will not receive any remuneration payments, nor will he be paid any further remuneration other than those accrued up to his date of leaving.  At the date of his departure, all unvested and time-bound long-term incentive awards will lapse in accordance with the rules of the scheme. 

ENDS

For further information please contact:

Investor relations:	David Bishop, QinetiQ	[phone]
Media relations:	QinetiQ press office	[phone]
	Liz Morley, Maitland	[phone]

Notes to Editors:

·      QinetiQ interim results for the half year ending 30 September 2014 will be announced on 20 November 2014.

·      A FTSE250 company, QinetiQ uses its world class knowledge, research and innovation to provide high-end technical expertise and advice, to customers in the global aerospace, defence and security markets. QinetiQ's unique position enables it to be a trusted partner to government organisations, predominantly in the UK and the US, including defence departments as well as other international customers in targeted sectors.

·      Follow us on twitter @QinetiQ

·      Visit our blog www.qinetiq-blogs.com 

·      Download the QinetiQ investor relations app for iPad from the App Store

 

END

 

 

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