Young will step down from the aerospace and defence group after five years and will be replaced by current chief operating officer Tony Wood on January 1.
Wood will lead Meggitt’s chase for US President Donald Trump’s US$700bn defence spending plan to offset the impact of budget pressures in the UK.
He has more than 30 years of experience in the aerospace sector, including roles at Rolls-Royce and at Messier-Dowty.
Shares rose 1.65% to 480.40p in morning trading.
The announcement was made alongside the group’s third quarter results. Organic revenue in the three months to September 30 was flat compared to the year-ago period as growth in civil aerospace mitigated a drop in military revenues. The military division was hit by lower demand and a slower ramp up of the firm's new civil programmes.
Liberum maintained a ‘sell’ rating and target price of 375p, saying that it is cautious that the issues in military will continue next year.