LONDON Jan 9 British aircraft parts supplier
Meggitt Plc said finance director Stephen Young would
replace its chief executive of 12 years Terry Twigger, who is
Young, the company's finance director since 2004, will
succeed Twigger on May 1, the company said.
Shares in the company rose 3.4 percent to 423.6 pence at
1254 GMT on the London Stock Exchange, benefitting from earlier
upgrades by BofA Merrill Lynch and RBC as well as the news of
Young's appointment, analysts said.
"It has been in the back of everybody's mind that Terry
would step down at some stage having reached close to retirement
age," said Societe Generale analyst Zafar Khan.
"Stephen has been the finance director for quite a long time
- he's probably a very good choice. I think he's done an
excellent job, he's well-regarded and essentially is a safe
Khan said he expected Meggitt to continue with the group's
strategy of boosting growth through acquisitions.
"I don't see major change in that. Stephen has been involved
in setting that strategy and I guess the board will go along
with it. It's been a pretty successful strategy."