Directorate Change

RNS Number : 7501X

BAE SYSTEMS PLC

10 December 2010

 



BAE Systems - Group Finance Director

10 December 2010

BAE Systems announces that George Rose will retire from the BAE Systems plc Board on 31 March 2011 and that Peter Lynas, currently Director - Financial Control, Reporting & Treasury for the Group, will succeed him as Group Finance Director and a member of the BAE Systems board with effect from 1 April 2011.  Peter will serve on BAE Systems' Executive Committee, reporting to Chief Executive Ian King.

Making the announcement, Dick Olver, Chairman of BAE Systems said:

"George has decided to retire after 19 years with the Company, 13 of these as Group Finance Director.  He has made a very significant contribution to BAE Systems during those years and is much admired and respected both within the Company and externally.  I, and fellow Board members, wish to record our thanks to George for both his work as an outstanding finance director and for the huge contribution he has made to the Board and the strategic transformation of the Company over the past decade. 

"I am delighted to welcome Peter to the Board and congratulate him on his appointment as Group Finance Director.   Since the formation of BAE Systems Peter has worked alongside George in developing our Finance function and participating in the strategic planning and development of the Group.  As such, he is well positioned to help take the Company forward and continue to exploit successfully the growth opportunities we see in our global markets."

The appointment process for the Group Finance Director role was managed by the Board's Nominations Committee, and involved a structured search process facilitated by external consultants.

Notes - Peter Lynas

Peter Lynas is a qualified accountant (FCCA) who joined GEC-Marconi, one of BAE Systems' predecessor companies, in 1985 having previously worked for other companies in the UK and Europe.  After progressing through a number of management positions he was appointed Group Finance Director of GEC's Marconi Electronic Systems business, which was acquired subsequently by British Aerospace in 1999 to form BAE Systems. 

As Director - Financial Control, Reporting & Treasury, his key responsibilities have been to drive operational performance through the business planning processes; financial and business plan reporting; Group financial and risk management controls and the review and appraisal of M&A activities.  He is also responsible for the Group's external financial reporting and Treasury function.

He has no details to disclose under paragraph 9.6.13 of The Listing Rules.

 

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