UK defence company BAE Systems announced on February 23 that Ian King, chief executive, BAE Systems plc, will retire in June this year.
The company board confirmed today that Charles Woodburn, currently chief operating officer, will be appointed as Chief Executive from 1 July 2017. Until that time, Ian and Charles will continue in their current roles.
Ian King will retire after a career spanning more than 40 years in the defence sector, including serving as chief executive since September 2008.
Charles Woodburn joined BAE Systems in May 2016 as chief operating officer and executive board director, following over 20 years’ international experience in senior management positions in the oil and gas industry.
On assuming the chief executive position, Charles Woodburn’s annual base salary will increase to £875,000, according to the company.
“After a distinguished career, Ian will retire leaving a legacy of disciplined performance, ethical behaviour, a burgeoning order book, a track record of delivering shareholder value and a strong leadership team,” Sir Roger Carr, chairman, BAE Systems plc said.
“During his tenure as Chief Executive, Ian has built a world-class defence engineering and technology business, providing vital capabilities to our customers and contributing to the security and economic prosperity of the nations in which we operate.”