August 9, 2019 / 6:29 AM / 10 days ago

BAE finance chief Lynas to retire next year, taps Greve as successor

FILE PHOTO: Trade visitors walk past an advertisement for BAE Systems at Farnborough International Airshow in Farnborough, Britain, July 17, 2018. REUTERS/Toby Melville

LONDON (Reuters) - BAE Systems (BAES.L), Britain’s biggest defence company, said group finance director Peter Lynas would retire on March 31 next year and be succeeded by oil and gas industry veteran Brad Greve.

Greve has been appointed as group finance director designate. He will join next month and take over from Lynas, who has held the post for more than eight years, on April 1.

BAE said Greve had more than 30 years experience with large multinational organisations in the oil and gas industry across Europe, the United States, South America and Africa.

Last week BAE said improvements in its maritime and combat vehicle operations helped drive a rise in first-half earnings against a backdrop of geopolitical uncertainty that has dampened hopes for a major order from Saudi Arabia.

BAE said that most recently Greve has been the top financial executive responsible for overseeing $20 billion (£16.48 billion) of annual revenue and $1 billion of annual capital expenditure as financial controller of the Wells business at Schlumberger.

He will receive a base salary of 610,000 pounds and can participate in the group’s annual incentive and long term incentive plan.

Reporting by James Davey; editing by Kate Holton

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