Aerospace group Cobham says CEO to step down


British aerospace electronics group Cobham said its chief executive Andy Stevens had decided to step down due to a “long term serious back injury”.

Cobham, whose equipment helps military vehicles such as F-35 fighter planes communicate with one another, said on Friday its chairman John Devaney would temporarily assume the position of executive chairman while a search is conducted for a new CEO.

The company said Stevens would remain on the board for a short time to assist with the management of the company until a new CEO is appointed, Reuters reports.

Earlier this month Cobham said revenue growth in the first nine months of 2011 was down on last year, hit by tough conditions in the United States defence and security market, which it said would continue in 2012.

Shares in Cobham, which have risen 3.7 percent in the last month, were 0.8 percent down at 176.75 pence by 0805 GMT, valuing the company at around 1.9 billion pounds ($3 billion).