Meggitt CEO Stephen Young leaves post at short notice

  • Push-out Score suggests push-out forces
  • After about five years in the position
  • Praise and thanks for Young
  • Tony Wood taking over
  • Young spoke at length and said 152 words

(exechange) — Christchurch, United Kingdom, November 14, 2017 — Stephen Young, chief executive of Meggitt, leaves the position. It is a change at short notice. As announced by Meggitt PLC in a news release and in a regulatory filing published on Tuesday, November 14, 2017, Stephen G. Young leaves the post as Chief Executive Officer at the aerospace company after about five years in the position, effective December 31, 2017.

Young leaves the company effective April 30, 2018.

Young’s duties are taken over by Tony Wood, currently Chief Operating Officer at Meggitt PLC.

No reason given

In the announcement, Meggitt did not explicitly explain the reason for Young’s imminent move, opening the door for speculation.

Precise information about the future plans of Young was not immediately available.

“Retire”

Meggitt said: “Stephen Young, Chief Executive, has advised the Group of his intention to retire at the end of April 2018.”

Share price decline

The change follows a decline in the share price of Meggitt PLC since March 2015.

Chaired by Sir Nigel Rudd

Meggitt PLC is chaired by Sir Nigel Rudd.

In the position of CEO since 2013

Stephen Young has served as Meggitt’s Chief Executive for 5 years and, prior to that, for 9 years as Finance Director.

He will be succeeded as Chief Executive by Tony Wood on January 1, 2018, who has been Meggitt’s Chief Operating Officer since December 2016.

Stephen Young will step down from the Board on that date, and will continue to work closely with the Board and Tony Wood to ensure an orderly transition, until his retirement on April 30, 2018.

Stephen Young joined Meggitt and was appointed to the Board of Directors as Group Finance Director in 2004, becoming Chief Executive in May 2013.

From 2004, Young worked alongside the previous CEO, scaling up Meggitt with a range of acquisitions.

He then helped drive the biggest reorganisation in the Company’s history by creating five divisions around complementary capabilities and markets.

As CEO, Young has focused Meggitt on three strategic priorities – customer focus, operational excellence and technology leadership.

During his tenure, the Group has won an unprecedented number of contracts in aerospace, defence and energy that are accelerating growth and sowing the seeds for decades of aftermarket revenue.

Before joining Meggitt, Young held senior positions with Ford Motor Company, Mars Incorporated, Grand Metropolitan (now Diageo) plc, Thorn EMI plc, the Automobile Association and Thistle Hotels plc.

Other positions and qualifications include:

  • Non-Executive Director, Audit Committee Chairman and member of Risk and Remuneration committees of Derwent London plc
  • BSc in Mathematics, Southampton University
  • Fellow of the Chartered Institute of Management Accountants
  • Fellow of the Royal Aeronautical Society.
Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Stephen Young’s imminent move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 47.2017 ($).