QinetiQ Group shares dropped around 4% as the high-tech defence equipment group said finance head Carol Borg is stepping down from her position immediately after mutual agreement with the company.
Martin Cooper has been appointed as her replacement as Group CFO and will start no later than October said the statement.
Copper is coming from BAE Systems where he he most recently was Investor Relations Director.
Qinetiq added it had also appointed Iain Stevenson, currently deputy CEO at nuclear group AWE to a new role of chief operating officer while Will Blamey is promoted to CEO of the UK Defence arm. Both will report to Qinetiq chief executive Steve Wadey.
The changes accompanied a fourth-quarter trading update where the der defence specialist said annual results will meet current expectations,
Order intake has been excellent, it added, with cash conversion in the second half “particularly strong”.
“EMEA Services has performed particularly well with strong revenue growth offsetting lower Global Solutions revenue growth,” said the statement.
“The trends that we have seen in FY24 are expected to continue into next year, with stronger growth in EMEA Services and stable performance in Global Solutions in FY25.
Wadey added: “ We have had a particularly strong period in EMEA Services, thanks to excellent contract delivery across our programmes, and we expect further strong growth in this segment.
"The performance of Global Solutions has been impacted by ongoing market conditions in the US. However, the strong order intake in Avantus provides confidence in our platform for future growth.”
Shares fell 16p to 341p.