Defence firm Qinetiq taps new chief financial officer
Defence and security group Qinetiq has tapped a new chief financial officer following the departure of incumbent finance chief David Smith.
Smith, who joined Qinetiq in 2017, will step down from the role and his position on the board on 30 November.
He will be replaced by Carol Borg, currently chief financial officer of solar energy company Lightsource, who will take up the job on 1 December.
London-listed Qinetiq said Smith had been “instrumental” in leading the company through a period of change over the last five years.
Over a career spanning almost three decades Borg has held a number of senior roles including finance chief of wind turbine group Vestas’ southern Europe, MENA and Latin America operations.
“Carol brings broad and proven experience of both operational and financial management. She has extensive experience as a strategic business partner in diverse and complex international organisations, and is an individual of the highest calibre,” said Qinetiq chairman Neil Johnson.
“On behalf of the board, I would like to thank David for the very significant contribution he has made to Qinetiq over the past four years. He has provided robust financial direction and guidance, particularly so during the past 18 months of the COVID-19 pandemic, maintaining liquidity while delivering continued organic growth. I wish him well in his retirement.”
Borg will be paid an annual salary of £420,000 with a maximum annual incentive of 200 per cent of this, as well as a maximum annual share award of 125 per cent of base salary.
She will also receive shares worth £500,000 on appointment and be expected to maintain a shareholding of at least 200 per cent of base salary.