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Archives by date > 2007 > October > 18th

BAE’s CEO to Step Down in August 2008

Oct 18, 2007 14:40 UTC

PPL Mike Turrner

Mike Turner

When Mike Turner ascended to the position of BAE Systems CEO in March 2002, shares were at 115p and the firm’s profitability depended heavily on British and Saudi government contracts, plus Airbus. By June 2007, when Turner told a British newspaper that he wished to remain as CEO until he was 65 (about 2013), BAE had become a diversified transatlantic defense giant that no longer owned a stake in Airbus, bit did own a share price up around 450p. So it came as something of a shock when BAE announced on Oct 16/07 that Turner would be stepping down in August 2008 at age 60, with the unanimous approval of the Board. He isn’t going away empty-handed, though – Turner will receive a payout of GBP 2.36 million (about $4.8 million) about evenly divided between shares and cash, provided he meets performance targets that include an orderly handover, continues the successful implementation of the Company’s business strategy, and meets the leadership objectives set by BAE’s Remuneration Committee.

Speculation concerning the situation at BAE is rife. The surprise of the announcement after more than 40 years as a BAE employee, the timing that will forgo a 2008 grant under BAE’s Executive Share Option Plan or Performance Share Plan, and the Board’s unanimous approval, naturally led to rumors of a Board/CEO split. Especially in an environment that has featured recent Saudi corruption controversies, a US Department of Justice Investigation, et. al. Turner himself offers an amusingly straightforward explanation of his June to October u-turn in statements to the press:

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Thailand’s C-130s Headed for Another Upgrade

Oct 18, 2007 14:26 UTC

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AIR C-130H Thai

RTAF C-130H

One of the follow-ons from Thailand’s September 2006 military coup has been a sharp rise in military spending from about 29 billion baht in 2005 to 140 billion set aside in the 2008 budget. One of the new projects being pursued is a Bt 1 billion (about $32 million) second phase project to upgrade the other half of its 12 C-130H & stretched C-130H-30 Hercules transports. State-owned Thai Aviation Industries (TAI) is expected to select a vendor in late 2008, with work expected to take place in 2009-2011, to introduce additional avionics equipment. Flight International Report.

An earlier Bt 900 million CNS/ATM upgrade gave 6 C-130H aircraft new communication and navigation equipment, plus radar, autopilot and flight management systems that meet air traffic management regulations around the globe. Rockwell Collins supplied an installation team and facilities to supervise upgrades of the first 2 C-130s, after which TAI undertook modifications to the remaining 4 Phase 1 RTAF Hercules at its Takhli air-base plant. Phase 1 is scheduled for completion in 2009, and follow-on upgrades to the remaining aircraft were planned but delayed due to budget constraints. Rockwell Collins release | Aviation Week: C-130s – A Half-Century Of Service, And Still Going Strong.

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