Technology solutions and services provider QinetiQ Group plc (QQ.L) Thursday said its chief executive officer Graham Love will be resigning from the company, effective November 30, 2009. The company has named former De La Rue Plc (DLAR.L) chief Leo Quinn as the new CEO, effective November 16, 2009. QinetiQ shares are currently trading up more than 6% on the London Stock Exchange.
The company stated that Love will remain a consultant to QinetiQ on Defence Training Rationalisation, or DTR, project.
The newly appointed CEO Quinn stepped down as group chief executive of security printer and cash sorting equipment provider De La Rue at the end of 2008, after four years with the company. Quinn, who was considered responsible for turning around De La Rue, left the company looking for new challenges.
At that time, De La Rue's Chairman Nicholas Brookes had said, "Leo has led a team which has transformed the Group's portfolio and culture to build substantial value, of which £780m will have been returned to investors. He leaves the group with strong foundations and with enhanced prospects."
Graham Love was appointed as QinetiQ's CEO in September 2005, and was named as chief financial officer of QinetiQ between July 2001 and September 2005. Formerly, he served as chief executive of Comax Secure Business Services Ltd., and has also worked as finance director of Dera from 1992 to 1996, and again between 1999 and 2001.
In addition, QinetiQ's chairman John Chisholm said today, "Back in June 2009 we announced that Mark Elliott will succeed me as Chairman at our next AGM as QinetiQ moves into the next stage of its evolution."
In Thursday's regular trading session, QQ is currently trading on the London Stock Exchange at 151.60 pence per share up 6.09% on a volume of 2,084,770 shares.
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