QinetiQ appoints Leo Quinn as Chief Executive Officer
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29 Oct 2009
The Board of QinetiQ Group plc announces that Graham Love, Chief Executive Officer, is, after eight years with the Group, standing down from the company with effect from 30 November 2009. Graham has been instrumental in transforming the company from a defence research organisation into an international provider of technology-based services and solutions, leading its expansion into the North American market and generating earnings per share growth averaging 16% per annum since privatisation. Graham will remain a consultant to the Group on the Defence Training Rationalisation (DTR) project.
The Board is pleased to announce that with effect from 16 November 2009 Leo Quinn will join the Board as Chief Executive Officer. Leo was previously Group Chief Executive of De La Rue plc where he led the Company's transformation into a focused, market-leading security printer, serving governments and central banks. He and his team drove innovation and productivity to create substantial value for shareholders. Prior to that, Leo was responsible for a number of business turnarounds in both Europe and the United States for companies such as Honeywell International and Invensys plc.
Commenting on today’s news, QinetiQ’s Chairman, Sir John Chisholm said “I would like to thank Graham not only for his leadership over the last four successful years as Chief Executive Officer, but also for the part he has played in QinetiQ’s creation from the time he joined as Chief Financial Officer of the Defence Research Agency in 1992. Graham has played a key role in QinetiQ’s success to date and particularly its expansion into North America, which is now a significant part of the Group. On behalf of the Board I would like to wish him every success for the future. ”
“Back in June 2009 we announced that Mark Elliott will succeed me as Chairman at our next AGM as QinetiQ moves into the next stage of its evolution. Both Mark and I welcome Leo to the company. He has an excellent leadership record with customers, employees and investors. The Board looks forward to working with Leo to further accelerate the success and growth of the Group.”
Commenting on his departure Graham Love said; ”I am delighted to have played a role in the evolution of a great company, and privileged to have worked with an outstanding group of colleagues. QinetiQ has tremendous opportunities ahead of it and I wish the team every success as its journey continues.”
Notes to Editors:
The Group will announce its interim results for the six months to 30 September on 25 November 2009.
Leo Quinn is also a non executive director of Tomkins PLC.
Details of Leo Quinn's remuneration arrangements will be disclosed in an announcement to be made upon his appointment on 16 November 2009.
Leo Quinn's career history:
2004 - Dec 2008: Group Chief Executive, De La Rue
2001 - 2004: COO, Production Management Division, Invensys plc
2000 - 2001: President, EMEA Tridium Inc
1984 - 2000: Honeywell International Inc
1982 - 1984: Texas Instruments