The Board of QinetiQ Group plc (‘QinetiQ’) is pleased to announce the appointment of Steve Wadey as its new Chief Executive Officer (CEO). Mr Wadey is currently the Managing Director of MBDA UK, a missile systems business with 3,000 employees and an annual turnover of circa £800m. He is also Technical Director for the MBDA Group which has over 10,000 employees in France, Italy, Germany, Spain and the United States as well as the United Kingdom.
In addition, Steve leads the Defence Growth Partnership (DGP) – a partnership between the UK defence sector and Government – as its co-chair alongside the Minister for Business and Enterprise, Matthew Hancock MP. He is a non-executive director of the UK Ministry of Defence (MOD) Research & Development Board.
Mark Elliott, Chairman of QinetiQ said:
“We are delighted that Steve has agreed to join QinetiQ. We were looking for an outstanding leader with a track record of driving growth, a deep understanding of the defence industry and the technological know-how to lead QinetiQ in the next stage of its Organic-Plus strategy. Steve fits all these criteria and is respected across the MOD and the European defence sector.”
Steve Wadey added:
“I know QinetiQ well having worked in partnership with the company on both joint contracts and through the DGP. The expertise of its people is held in high regard throughout the industry and I look forward to working with them all as we develop and grow QinetiQ to meet changing customer needs in both defence and commercial markets.”
Aged 45, Steve has a first class degree in Electrical and Electronic Engineering from Cardiff University and commenced his career with British Aerospace.
Steve will be joining QinetiQ in the second quarter of the 2015 calendar year. Following his appointment, interim CEO David Mellors will continue in his role as Group Chief Financial Officer.
On appointment, Steve Wadey will receive a basic annual salary of £560,000. In line with QinetiQ’s approved remuneration policy, he will be eligible to participate in the Bonus Banking Plan and long-term incentive arrangements, and will receive a payment in lieu of pension contributions. He will join the QinetiQ Board of Directors and become a member of the Risk & CSR, Nominations and Security Committees. There are no other matters requiring disclosure under LR 9.6.13.
QinetiQ will issue an Interim Management Statement on 11 February 2015 covering trading in the period from 30 September 2014.
Notes for Editors:
For further information please contact:
|Media relations:||QinetiQ press office||+44 (0) 1252 393500|
|Liz Morley, Maitland||+44 (0) 7798 683108|
|Investor relations:||David Bishop, QinetiQ||+44 (0) 7920 108675|