Ian King retires this summer after a near nine-year tenure as boss of BAE Systems
25 February, 2017, 00:10
He bowed out with a formidable set of numbers: sales jumped by £1.1 billion to £19 billion previous year, mainly due to the drop in sterling, and underlying profits rose 13% to £1.9 billion.
The group reported an order intake of £22.44bn in 2016, up from £14.92bn the previous year, and an backlog worth £42bn, up from £36.8bn.
Charles Woodburn, chief operating officer at BAE Systems, will officially assume the chief executive role after Ian King retires from the British defense company at the end of June.
BAE Systems reports full-year results on Thursday.
The board has recommended a final dividend of 12.7p per share making a total of 21.3p per share for the year, an increase of 2 per cent compared to 2015.
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BAE said it expects its underlying earnings per share, in constant currencies, to rise by 5% to 10% in 2017, driven by strong defence budgets globally and growth across its divisions.
King, who has worked in the defence industry for 40 years, has led the group since September 2008.
"With an improved outlook for defence budgets in a number of our markets, we are well placed to continue to generate attractive returns for shareholders".
Woodburn joined BAE Systems in May last year following over 20 years' worldwide experience in senior management positions in the oil and gas industry.
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