LONDON Feb 22 British defence firm BAE Systems
said Charles Woodburn, a former oil industry boss who
joined the company last year as heir apparent, would become
chief executive on July 1 after Ian King retires.
King is retiring after a career spanning more than 40 years
in the defence sector, including serving as BAE's chief
executive since 2008.
Chairman Roger Carr said King would leave a legacy of
disciplined performance, a burgeoning order book and a track
record of delivering shareholder value.
Woodburn has been BAE Systems' chief operating officer since
May 2016, joining the group after more than 20 years' experience
in senior management positions in the oil and gas industry.
He will be paid a base salary of 875,000 pounds ($1.09
million) a year as CEO, the company said on Wednesday.
BAE Systems reports full-year results on Thursday.
($1 = 0.8022 pounds)
(Reporting by Paul Sandle; editing by Kate Holton)