QinetiQ Group plc
David Smith appointed as new CFO of QinetiQ
QinetiQ announces today that David Smith has been appointed as Chief Financial Officer (CFO). David will take up the role in the New Year and there will be a further announcement once his start date is confirmed. He succeeds David Mellors, who leaves QinetiQ on 31 December 2016 to join Cobham as Chief Financial Officer.
David Smith is currently Chief Financial Officer and a Director of Rolls Royce where he has made an important contribution to restoring confidence in the business, improving financial systems and delivering the early stages of its transformation. David was CFO of the technology group Edwards immediately prior to joining Rolls Royce; he has previously been Chief Executive Officer of Jaguar Land Rover and held a number of senior finance positions at Ford. He holds an MA in Economics from Cambridge University and an MBA from Warwick University.
Steve Wadey, QinetiQ Chief Executive Officer said:
"We are delighted that David has agreed to join QinetiQ. He has extensive executive experience in blue chip companies and I am confident that he will make a significant contribution to delivering sustainable growth at QinetiQ."
David Smith said:
"QinetiQ is a science and engineering company with unique capabilities that are particularly well matched to emerging themes in global markets. I've been struck by the ambition of its leadership team and am excited about helping QinetiQ to realise its potential."
On appointment to QinetiQ, David Smith will receive a basic annual salary of £440,000. In line with QinetiQ's approved remuneration policy, he will be eligible to participate in the Bonus Banking Plan and long-term incentive arrangements, and will receive a payment in lieu of pension contributions. He will join the QinetiQ Board of Directors and become a member of the Risk & CSR and Security Committees.
David Smith is a Non-executive Director of Motability Operations Group plc. Its shares are not publicly listed but it has debt instruments listed on the main market of the London Stock Exchange. David was previously a Director of Edwards Group Limited.
There are no other matters requiring disclosure under LR 9.6.13.
QinetiQ will issue a pre close trading update on 29 September 2016 and will report results for the half year ended 30 September 2016 on 17 November 2016.
This announcement contains inside information and the person responsible for making this announcement is Jon Messent, Company Secretary.
For further information, please contact:
Investor Relations: David Bishop, QinetiQ +44 (0)7920 108675
Media Relations: QinetiQ Press Office +44 (0)1252 393500
Listed on the London Stock Exchange (LSE: QQ.L), QinetiQ is a leading science and engineering company operating primarily in the defence, security and aerospace markets. Our customers are predominantly government organisations, including defence departments, as well as international customers in other targeted sectors.