Cobham Board announced that John Devaney will be standing down as Chairman and Board member with effect from 31 December 2016. Michael Wareing, currently Cobham Senior Independent Director and member of the Remuneration Committee, will take over as Chairman with effect from 1 January 2017. It is currently anticipated that the term of this appointment will be for a period no longer than that ending at the 2019 Annual General Meeting. Michael's key responsibilities in this period will include supporting the new CEO and CFO, and, in due course, running a selection process to identify the next Chairman. Michael is also Senior Independent Director and Chairman of the Audit Committee of Intertek Group plc. He was previously a Director and the Audit Committee Chairman of Wolseley plc. Following Michael's appointment as Chairman, Jonathan Flint will become Senior Independent Director.