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BAE Systems, Britain’s biggest defence contractor, is to unveil Cressida Hogg, the infrastructure veteran, as its first female chair.
Sky News has learnt that the FTSE-100 manufacturer plans to announce the appointment of Mrs Hogg as the successor to Sir Roger Carr alongside its half-year results on Thursday morning.
Her recruitment will mean for the first time that all three of Britain’s biggest industrial manufacturers – BAE, Babcock International Group and Rolls-Royce Holdings – will have women as chairs.
Mrs Hogg, who sits on the board of the London Stock Exchange Group, is due to step down from the helm of the FTSE-100 property company Landsec next year.
Her background is in large-scale infrastructure projects, having co-founded the infrastructure division of 3i Group in 2005.
She subsequently held a senior post at the Canada Pension Plan Investment Board (CPPIB), one of the world’s largest pension funds, and more recently was in the frame to chair the Royal Opera House.
One City insider said her appointment as chair-designate of BAE Systems, which has a market value of close to £25bn, was likely to be well-received by shareholders.
Alongside chief executive Charles Woodburn, she will represent the next generation of British corporate leadership, taking over from one of the most prominent figures in the UK business world for the last two decades.
BAE shares are riding the crest of a wave, having been buoyed by demand in the wake of Russia’s invasion of Ukraine.
The stock has soared by more than 40% during the last 12 months.
The company has also, though, been grappling with greater scrutiny from investors focused on environmental, social and governance (ESG) issues, which have prompted some to shed their defence holdings.
Lord Sedwill, the former Cabinet secretary, recently joined BAE’s board as a non-executive director.
The company is a founding member of the…
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Source : skynews
