Charles Woodburn has been confirmed as BAE Systems’ new chief executive
Charles Woodburn will replace Ian King as chief executive of BAE Systems, the company has confirmed in a statement.
Currently BAE's chief operating officer, Woodburn will replace the retiring King effective 1 July.
Woodburn joined the firm in May 2016 with 20 years of international experience in senior management positions in the oil and gas industry. His appointment to the company's helm was expected when the executive shake-up was announced last week.
Chairman Sir Roger Carr said Woodburn brought "impeccable" engineering credentials, international experience and fresh perspectives to BAE. "In his new role, he will build on an enviable inheritance to create an exciting future, where we will continue to be performance-driven and values-led."
In the new position, Woodburn's base salary will increase to £875,000 per annum.
Carr added King will leave behind "a legacy of disciplined performance, ethical behaviour, a burgeoning order book, a track record of delivering shareholder value and a strong leadership team".
King has led the FTSE-100 arms maker since 2008, and his career in the defence sector spans more than 40 years.
BAE Systems, which reports its full-year results Thursday, has been benefiting from the UK's move to increase foreign trade following the EU referendum as well as US President Donald Trump's promise to spend more on defence.
Recently, King travelled to Turkey with Prime Minister Theresa May to sign a £100m defence deal to manufacture fighter jets for the country.