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Chemring chief to hand over to former-BAE Systems executive

Chemring boss Michael Flowers is to quit the defence group after leading it through a restructuring, handing over the controls to a former BAE Systems executive.
The former soldier is retiring from the munitions business after a more than a decade at the company, including four years in the top job.
In July he will hand over to Michael Ord, a former naval officer, whose previous positions at BAE Systems include heading the defence giant’s naval ships and F-35 stealth fighter businesses.
Chemring chief to hand over to former-BAE Systems executive

Michael Flowers has led Chemring since 2014

Credit:
Julian Simmonds
Mr Flowers, who is to planning to return to his native Australia once he leaves the company, will remain at Chemring until the end of October to help with the hand over.
During his time in charge he has steered Chemring through a period of falling defence spending.
Mr Flowers took over as the company found itself over-extended in the wake of the Afghanistan-Iraq campaigns, with military budgets curtailed as hostilities eased. After a restructuring to put it on a sounder footing Chemring returned to profit last year.
However, in January the company announced it was being investigated by the Serious Fraud Office over potential corruption in what Chemring called a “historic” deal involving the use of middlemen. The company said it had self-reported the issue and was co-operating with the SFO. 
Chemring share price
Carl-Peter Forster, chairman, said  Mr Flower’s leadership had “significantly strengthened” Chemring, leaving the business “more robust and well placed for future growth”.
Mr Ord will get an annual base salary of ?430,000 and will receive a one-off award of performance shares worth ?860,000 when he becomes chief executive. He is also eligible for performance-related annual and long term bonus plans worth up 125pc and 150pc of salary respectively.
Chemring, best known for the mine-detecting kit and the flares and chaff it builds to defeat missiles, used the announcement to update on trading, saying that it was in line with expectations.
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