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(Sharecast News) - Specialist manufacturing and technology firm Chemring said on Thursday that chief executive Michael Ord has decided to retire, with Tom Newman set to succeed him following a boardled search process.
Chemring said Newman will join the group as chief executive designate on 5 October, before taking over as group CEO on 1 January 2027, at which point Ord will step down from the board.
Newman will join Chemring from Babcock International, where he has spent 17 years in senior roles, most recently running the group's Land and UK Aviation division - a roughly 1bn revenue defence and engineering services business.
Chemring added that Newman brings a strong record of strategic transformation, operational improvement and sustained profitable growth.
Chairman Tony Wood said: "Michael's vision, commitment and leadership have played a central role in establishing Chemring's strong position today and he leaves the business well placed for the future.
"I am delighted that Tom will be joining as group chief executive designate. Tom has a proven track record within the international defence industry, most notably at Babcock International, and brings all the necessary skills and experience to deliver strong growth and attractive returns in the future."
As of 1040 BST, Chemring shares were down 1.34% at 588.50p.
Reporting by Iain Gilbert at Sharecast.com
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