Bob Murphy quits helm of troubled defence firm Cobham
Struggling aerospace and defence firm Cobham has parted company with chief executive Bob Murphy and replaced him with David Lockwood, currently boss of tech company Laird.
Earlier this month Cobham reported losses of £38 million, which was preceded by a profits warning and an emergency £506.7 million rights issue to reduce its debt pile.
The company said on Wednesday: "Bob Murphy is to step down from his role and from the board no later than the end of 2016 to pursue other opportunities. The board thanks Bob for his leadership during challenging times."
Mr Lockwood, a chartered accountant by profession, will take up the top job "no later than 1 January 2017" and he will also join Cobham's board.
Cobham added that Mr Lockwood will be paid an annual salary of £690,000 and will participate in the company's established bonus and long-term incentive schemes.