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(Alliance News) - Babcock International Group PLC said Wednesday that Chief Executive Officer Archie Bethel will step down from his role, with effect on the date a successor is appointed.
Until then, Bethel will remain in his role at the FTSE 250 aerospace and defence firm.
Bethel has been in his role for four years since 2016, and part of Babcock itself for 16 years since 2004.
"On behalf of the board, I want to thank Archie for his service to Babcock, during which time he was instrumental in growing Babcock from a small cap to a leading defence business. Archie has been a proven and respected leader, whose knowledge and understanding of the sector is second to none," said Babcock Chair Ruth Carnie.
Babcock also announced that it would appoint United Utilities Group PLC's Chief Financial Officer Russ Houlden as non-executive director with effect on April 1.
Untied Utilities itself confirmed that Houlden would step down as CFO at the FTSE 100 water services firm, with effect at the group's upcoming annual general meeting, which is expected in July.
Houlden has been in his role at United Utilities for ten years since 2010, and has also been chair of the Financial Reporting Committee of The 100 Group, a group which reflects the collective views of the FTSE 100 on financial reporting matters, for six years since 2014.
Houlden will also be leaving The 100 Group in order to free up "sufficient" time for his non-executive roles.
Warrington-based United Utilities said succession plans are in progress to find a new finance chief.
"Russ has been an integral part of the work we have done in recent years to transform the organisation, helping us to deliver best ever levels of customer service, a more resilient network and real gains in operational performance and efficiency. Alongside this, Russ has helped secure a robust and sustainable financial profile for the company, including securing a fully funded pension scheme on a self-sufficiency basis," said United Utilities Chief Executive Steve Mogford.
Shares in London-based Babcock were down 1.1% at 596.04 pence on Wednesday, while United Utilities shares were 0.6% lower at 988.80 pence in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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