Former Jaguar Land Rover chief in new role at defence firm

THE former chief executive of Jaguar Land Rover has been named as the new Chief Financial Officer of defence supplier QinetiQ.

David Smith, currently CFO and a director of Rolls Royce, will take up his new role in the New Year.

He succeeds David Mellors, who leaves QinetiQ at the end of the year to become CFO at Cobham.

QinetiQ, which has an operation in Malvern, said a further announcement on Mr Smith’s starting date would be made in due course.

The firm said Mr Smith had made an important contribution to restoring confidence in Rolls-Royce by improving financial systems and delivering the early stages of its transformation.  

Mr Smith, a previous CFO of the technology group Edwards, left JLR in 2010 shortly after the firm’s takeover by Tata Motors and as the business confronted the harsh realities of the credit crunch and recession.

Steve Wadey, QinetiQ CEO, said: “We are delighted that David has agreed to join QinetiQ. He has extensive executive experience in blue chip companies and I am confident that he will make a significant contribution to delivering sustainable growth at QinetiQ.”

Mr Smith said: “QinetiQ is a science and engineering company with unique capabilities that are particularly well matched to emerging themes in global markets. I’ve been struck by the ambition of its leadership team and am excited about helping QinetiQ to realise its potential.”

On appointment to QinetiQ, Mr Smith will receive a basic annual salary of £440,000.  In line with QinetiQ’s approved remuneration policy, he will be eligible to participate in the Bonus Banking Plan and long-term incentive arrangements, and will receive a payment in lieu of pension contributions.  He will join the QinetiQ board and become a member of the Risk & CSR and Security Committees.
 

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