QinetiQ makes senior appointments as finance chief departs

(Sharecast News) - QinetiQ Group announced a number of changes to its leadership team on Tuesday, with group chief financial officer Carol Borg stepping down effective immediately. The FTSE 250 defence technology company said she would remain available to support interim arrangements until the end of July.

To fill the position, QinetiQ said it had appointed Martin Cooper as its new group CFO.

It said Cooper would bring more than 25 years of experience in senior finance roles, holding various positions at BAE Systems, including UK and rest-of-world financial controller and investor relations director.

He was expected to join the QinetiQ board by October.

In the interim period, current group financial controller Heather Cashin would serve as the interim group CFO.

Additionally, David Smith, former group CFO of QinetiQ, would provide advice and support services to Cashin and the board.

In addition, QinetiQ announced the appointment of Iain Stevenson to the newly-created role of chief operating officer, and Will Blamey as chief executive of UK defence, with both positions to report to group chief executive officer Steve Wadey.

Stevenson, currently deputy chief executive of AWE, would join QinetiQ in July, with the board saying he would bring extensive experience in leading large business divisions in the defence and construction sectors.

Blamey, who had been with QinetiQ since June 2018 and previously served as managing director of maritime and land, would now take on the role of chief executive of UK defence.

The board said he had played a vital role in the development and delivery of major programmes at QinetiQ, such as the long-term partnering agreement.

"I would like to thank Carol for all her service and contributions over the last few years and wish her well for the future," said chief executive officer Steve Wadey.

"The board and I are delighted we have secured the talents of both Martin and Iain and welcome them to the QinetiQ team.

"Martin brings valuable global experience, coupled with deep financial and operational expertise."

Wadey said his understanding of the sector and the company's markets would be "instrumental" in helping the group perform and grow.

"As our new chief operating officer, Iain's demonstrable track record of delivery in programme management and operational performance will strengthen the strategic and operational capabilities of the group.

"Together with Will's promotion, these appointments add strength and depth to our leadership team.

"They will further enhance our capability to execute our plan for long-term growth and deliver compelling shareholder value."

Reporting by Josh White for Sharecast.com.