Cobham is looking for a new chief executive for the Chelton Group of avionics and communications businesses following the resignation of Geoff Cooper, writes Helen Massy-Beresford.
Cobham says that Cooper, who had been with the UK-based group since it bought Chelton in 1989, resigned because “the corporate governance framework has been tightened...and Geoff found that, under a specific matter, the constraints applied by Cobham proved too difficult to adhere to. This led to a situation which precipitated Geoff’s resignation.”
Analyst Ben Fidler at Deutsche Bank describes the resignation as a “major negative surprise” and adds: “Cooper was a key figure behind the success and growth of Chelton’s business. Bearing in mind that the avionics division has the highest margins and highest growth rates within Cobham’s overall portfolio, it is a major contributor to valuation...this news therefore does create some concern, in our view.”
Cobham chief executive Allan Cook will lead Chelton until a permanent replacement for Cooper is found.
- Cobham has agreed to sell its Blandford, Dorset-based Fluid Systems products division, part of its aerospace systems group, to Meggitt for £8 million ($14.4 million).
Source: Flight International