February 22, 2017 / 9:38 AM / in 9 months

BAE Systems says CEO King will hand over to Woodburn on July 1

LONDON, Feb 22 (Reuters) - 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

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