Ultra Electronics flies in figures guru as new boss

Defence giant Ultra Electronics has picked the former boss of BBA Aviation as its new chief executive.

Simon Pryce will join the FTSE 250 firm on 18 June, he is both a chartered accountant and a member of the Chartered Institute for Securities and Investment.

investors breathed a sigh of relief at Pryce’s appointment with shares edging up around one per cent in morning trading.

Last November, Ultra shocked investors when Rakesh Sharma unexpectedly stepped down as chief executive after seven years with the firm. Douglas Caster, who filled the void left by Sharma, will revert back from executive to non-executive chairman.

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“I am delighted to welcome Simon to Ultra,” said Caster.

“His broad experience, especially his international, plc and financial background make him an excellent choice as Ultra’s next Chief Executive Officer. Simon has a proven track record as a strong businessman and the Board is confident that he has the qualities to lead Ultra for the next stage of the Group’s development.”

Pryce said: “I am excited to be joining Ultra. With overall global defence spending set to recover, the group is well-positioned in areas of priority spend.

“I look forward to working with the Ultra team to ensure its niche technology businesses more than meet customer needs and exceed their expectations through innovative development, co-operation where it makes sense, continued business simplification, cost optimisation and strong operational performance. Importantly, this is in the context of a rigorous focus on creating long-term and sustainable value for all Ultra’s stakeholders.”

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