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Alliance News) - Defence technology firm QinetiQ Group PLC on Friday said its chief financial officer is retiring, but has lined up solar developer Lightsource bp's Carol Borg as the replacement.
FTSE 250-listed QinetiQ said CFO David Smith will be retiring and stepping down on November 30. Smith will be succeeded by Borg on December 1, the company noted, but she will join the company's board on October 11 to "enable a smooth transition".
Smith has been CFO since January 2017, the company said. QinetiQ said he has been "instrumental in enabling the company through transformative change that has resulted in five consecutive years of growth."
Smith's replacement, Borg, is currently the CFO of global solar developer Lightsource bp, which is 50% owned by FTSE 100-listed oil major BP PLC. Borg has been running Lightsource's finances since 2017.
"Carol's proven financial and operational expertise in driving disciplined strategy execution, including organic growth and acquisitions, makes her a great complement to our team. I am absolutely delighted to welcome Carol to the QinetiQ family as we embark on our next five years of global growth," said Chief Executive Officer Steve Wadey.
She was previously CFO of Vestas' Southern Europe, MENA & Latin America operations, a global market leader in wind energy.
Shares in QinetiQ were up 0.2% at 345.20 pence in early trade on Friday.
By Paul McGowan; paulmcgowan@alliancenews.com
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