Business
CEO succession
CEO succession.
About this update from Babcock International Group Plc
[{"type":"text","content":"\n \nRNS Number : 2289N Babcock International Group PLC 28 January 2016 \n\n \n \n28 January 2016\n \nBabcock International Group PLC (Babcock or the Group)\nBabcock announces CEO succession\n \nBabcock, the UK's leading engineering support services company, today announces that Peter Rogers will retire on 31 August 2016. Peter was appointed Chief Executive of the Group in August 2003. During his 13-year tenure Babcock has grown from a small cap business to a FTSE 100 company with a turnover of £4.5 billion in 2014/15, delivering an increase of some 1200 per cent in total shareholder return over the period.\n \nThe Board is pleased to announce that Archie Bethel will succeed Peter as Chief Executive. Currently Chief Executive of the Marine & Technology division, Archie has been an integral part of Peter's senior management team since joining Babcock in 2004 and has overseen the successful development and growth of the Group's Marine & Technology business both in the UK and overseas. To ensure a smooth handover of responsibilities, Archie will take the role of Chief Operating Officer from 1 April 2016 until Peter's retirement. \n \nThe Board is also pleased to announce that Archie will be succeeded by John Howie who is currently Managing Director of Naval Marine with responsibility for the management of Babcock's submarine, warship and naval base operations, and a member of the divisional executive. John will take the role of Chief Executive of the Marine & Technology division with effect from 1 April 2016, and will join the Group's Executive Committee.\n \nBabcock Chairman Mike Turner said:\n \n\"Peter has been an outstanding Chief Executive. Under his leadership, Babcock has grown into one of the UK's leading businesses, whilst maintaining an enviable track record of delivery to customers and shareholders. \n \n\"I am delighted that Archie will be taking the role of Chief Executive. Archie has overseen the successful growth of the Group's largest division from a £273 million business in 2004 to a £1.6 billion business today, whilst reinforcing our reputation of being trusted to deliver increasingly complex and critical engineering programmes. Our thorough succession planning process, which involved close consideration of potential...