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David Mellors to step down as Chief Financial Officer of QinetiQ

29/06/2016

QinetiQ Group plc (‘QinetiQ’) announces that David Mellors, Chief Financial Officer, is to leave QinetiQ in order to take up the role of Chief Financial Officer at Cobham plc.

David has been with QinetiQ since 2008 and has been pivotal in the turnaround of the company and the strengthening of its balance sheet. David will leave QinetiQ on 31 December 2016 and the search for a new Chief Financial Officer is already underway. Commenting on today’s announcement, Mark Elliott, Chairman of QinetiQ, said: “On behalf of the Board, I would like to thank David for his significant contribution to QinetiQ over the last eight years. We wish him every success in his new role.”

Steve Wadey, QinetiQ Chief Executive Officer added: “The capital discipline and strong financial position established under David’s leadership will underpin our future success and allow us to invest selectively in future growth. I would also like to thank him personally for the advice and support he has given me during my first year as CEO.”

This announcement is made in accordance with LR 9.6.11R of the FCA Listing Rules.

The following information is provided in accordance with section 430(2B) of the Companies Act 2006. The following arrangements have been established for Mr Mellors:

  • Mr Mellors will remain an employee and, subject to approval at the Company’s Annual General Meeting on 20 July 2016, a director, of the Company until 31 December 2016 (the departure date) and will continue to receive contractual pay and benefits during that time.
  • Regarding bonus deferred into the Company’s Deferred Annual Bonus Plan the 108,779 shares purchased with earned annual bonus will vest on the departure date in accordance with the rules of that plan, and the performance-related matching element will lapse on that date.
  • Regarding bonus deferred into the Company’s Bonus Banking Plan, Mr Mellors holds 311,153 notional shares in the Company that will be paid in cash at the share price prevailing on his departure date, in accordance with the rules of the plan.
  • All unvested awards in respect of 579,264 shares under the Company’s Performance Share Plan will lapse on the departure date.
  • Shares held pursuant to the Company’s Share Incentive Plan, currently totalling 9,984 shares will be released on the departure date in accordance with the plan rules. Of that total, matching shares which have been held for less than three years will be forfeit.

All payments are in accordance with the Company’s Remuneration Policy. No further payments will be made to Mr Mellors in connection with his departure.

For further information, please contact:

Investor Relations David Bishop, QinetiQ +44 (0) 7920 108675
Media Relations QinetiQ Press Office +44 (0) 1252 393500
  Chris Barrie, Citigate Dewe Rogerson +44 (0) 7968 727289

Notes for Editors:

  • 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.
  • Visit our website www.QinetiQ.com
  • Follow us on LinkedIn and Twitter @QinetiQ
  • Visit our blog www.QinetiQ.com

For further information, please contact
QinetiQ Press Office on Tel: +44 (0) 1252 39 3500
Email: PressOffice@QinetiQ.com

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