Meggitt boss Twigger to retire in May

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One of the aerospace industry's most successful, and highly regarded, leaders is set to bow out in May when Meggitt chief executive Terry Twigger retires after more than 12 years at the helm of the UK-based systems manufacturer.

He will be replaced by Stephen Young, who has been finance director at the company since 2004.

During the 20 years Twigger has been with Meggitt the business has grown from a turnover of £345 million ($550 million) to some £1.6 billion and now employs over 10,500 people as one of the UK's largest listed engineering groups. It has facilities in the UK, US, Canada, France, Germany, Mexico, Vietnam, Spain, Switzerland, Denmark, India, Brazil, China and Singapore.

Meggitt designs and produces systems ranging from aircraft braking to ice protection, flexible fuel tanks, valves and controls, and also serves customers in defence and energy. Recent contract wins include the engine interface control unit for Comac's C919 family of aircraft, the Airbus A320neo's fire-detection, engine and auxiliary power unit extinguishing systems, and improved avionics for four Shaanxi Y-8 transports operated by the Chinese military.