After a decade of being the chairman of defence contractor Babcock, Mike Turner has announced he is to step down in July.
The new UK corporate governance code said that companies think about not allowing chairs to be in their position after nine years, Turner decision is following this new introduction.
Archie Bethel Babcock’s chief executive said, “I would like to thank Mike on behalf of the Babcock board for his service and commitment over his time with the company.
“It has been an honour to work with Mike and Babcock has been fortunate to have had the benefit of his wealth of experience and knowledge. We wish him all the best for the future.”
Turner has worked for Babcock for twenty years, he said, “It has been a great pleasure to be part of the Babcock team over the last twenty years since I first joined as a non-executive director.
“During that time the company has grown its market capitalisation from around £100m to today’s value and has increased its underlying earnings every year for the past decade.”