January 9, 2013 / 1:13 PM / 5 years ago

Meggitt finance head to replace retiring CEO Twigger

LONDON (Reuters) - British aircraft parts supplier Meggitt Plc (MGGT.L) said finance director Stephen Young would replace its chief executive of 12 years Terry Twigger, who is retiring.

Young, the company’s finance director since 2004, will succeed Twigger on May 1, the company said.

Shares in the company rose 3.4 percent to 423.6 pence at 1254 GMT on the London Stock Exchange, benefitting from earlier upgrades by BofA Merrill Lynch and RBC as well as the news of Young’s appointment, analysts said.

“It has been in the back of everybody’s mind that Terry would step down at some stage having reached close to retirement age,” said Societe Generale analyst Zafar Khan.

“Stephen has been the finance director for quite a long time - he’s probably a very good choice. I think he’s done an excellent job, he’s well-regarded and essentially is a safe choice.”

Khan said he expected Meggitt to continue with the group’s strategy of boosting growth through acquisitions.

“I don’t see major change in that. Stephen has been involved in setting that strategy and I guess the board will go along with it. It’s been a pretty successful strategy.”

Reporting by Karen Rebelo in Bangalore and Helen Massy-Beresford; Editing by Maju Samuel

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