The interim chief executive, Wayne Edmunds, will remain in the role until April 1 after which he will remain on the board as a non-executive director.
Johnstone joined BBA Aviation in March 2008 as Corporate Development director and has held a number of roles within the group including chief financial officer of Signature Flight Support; managing director of the APPH business (sold by the group in 2014); and managing director of the EMEA Flight Support business before being appointed president and chief operating officer of the Engine Repair & Overhaul business in June 2016.
“The board feels that he is the ideal candidate to lead the group forward. Mark's strategic and operational experience in finance and in managing a number of the group's businesses over the last ten years gives him a deep understanding of the company and the right skills to take on the role of group chief executive,” said Sir Nigel Rudd, chairman of the company.
“Outside continued trading performance, appointment of a new CEO and the group's conclusion to its capital structure review have been the two areas for short-term news. Today's announcement that internal candidate Mark Johnstone will step up to the CEO role answers one of those issues,” commented Joe Spooner, an equity analyst at broker Jefferies.
“Although we had never felt that the decision on the capital structure was necessarily dependent on a new CEO being identified, it does nonetheless help to have him fully signed up to whatever decision is announced. We continue to expect the year-end results, due 1 March 2018, to be an obvious point for capital structure news,” he added.
The share price of BBA was down 0.4% at 348.4p in mid-morning trading.
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