BAE Systems Plc Announces Executive Board Director Changes
London, United Kingdom – BAE Systems today announces that George Rose will retire on 31 March 2011 and that Peter Lynas, currently Director - Financial Control, Reporting & Treasury for the Group, will succeed him as Group Finance Director on 1 April 2011.
Peter will be appointed as an executive director of BAE Systems plc and will serve on BAE Systems’ Executive Committee, reporting to Chief Executive Ian King. George Rose has decided to retire after 19 years with the Company, 13 of these as Group Finance Director. During the past decade George has made a very significant contribution to the strategic transformation of BAE Systems.
Ian King, Chief Executive of BAE Systems said:
"George is an excellent finance director who is highly respected and admired. His leadership has not just helped forge a very strong finance function in BAE Systems but he is also recognised as a role model leader both within the Company and externally. I would like to thank George for the outstanding contribution he has made to the Company.
“Peter has been a key member of the senior executive team playing a central role in developing our Finance function and participating in the strategic planning and development of the Group. I look forward to his future contribution to the Company.”
Peter Lynas is a qualified accountant who joined GEC-Marconi in 1985 and was Group Finance Director of GEC’s Marconi Electronic Systems business at the time BAE Systems was formed.
As Director - Financial Control, Reporting & Treasury, Peter’s key responsibilities have been to drive operational performance through the business planning processes; financial and business plan reporting; Group financial and risk management controls and the review and appraisal of M&A activities. He is also responsible for the Group’s external financial reporting and Treasury function.
The appointment process for the Group Finance Director role was managed by the Board’s Nominations Committee, and involved a structured search process facilitated by external consultants which benchmarked Peter against external candidates.
About BAE Systems
BAE Systems is a global defence, security and aerospace company with approximately 107,000 employees worldwide. The Company delivers a full range of products and services for air, land and naval forces, as well as advanced electronics, security, information technology solutions and customer support services. In 2009 BAE Systems reported sales of £22.4 billion (US$ 36.2 billion).
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