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For immediate release

9 January 2013

Meggitt PLC ("the Group")

Chief Executive retirement and appointment of successor

Meggitt PLC, a leading international engineering company specialising in high performance components and sub-systems for aerospace, defence and energy, today announces that Terry Twigger, Chief Executive, has advised the Group of his intention to retire as Chief Executive and to step down from the Board, having served as Chief Executive for over 12 years. Terry will be succeeded as Chief Executive by Stephen Young, who has been Finance Director of Meggitt since 2004.

Terry will retire from the Board and Stephen will assume the role of Chief Executive immediately following the Annual General Meeting on 1 May 2013. Terry will continue as an employee and provide support to the Board and Stephen Young until his retirement on 30 June 2013.

Terry Twigger, Chief Executive commented:

"Meggitt is an outstanding company with great people and I feel both proud and privileged to have been able to play a part over the last 20 years in transforming the Group into a leading global engineering business. During that time it has grown from a turnover of £345m to circa £1.6bn, now employs over 10,500 people and is one of the UK's largest listed engineering groups. This success is a direct result of the efforts of all our employees.

"Additionally, we have built an excellent team of experienced senior management and Stephen Young has been a key part of that progress, having worked closely with me for the past nine years. He is an excellent leader for the Group and I am delighted that he will be taking over from me to continue to grow Meggitt and to develop our strong market positions further."

Sir Colin Terry, Chairman, said "The Board would like to thank Terry for his tremendous contribution over the past 20 years with Meggitt, and particularly during his 12 years as Chief Executive. Terry has led the Group to become a world class business and has laid solid foundations for a very successful future.

"Stephen brings great skill and extensive experience and will ensure Meggitt's continued success. His contribution as Finance Director has been outstanding and I know he will be an excellent successor to Terry."

Please contact:

Sir Colin Terry, Chairman

Philip Green, Group Corporate Affairs Director

Marina Thomas, Group Company Secretary

Meggitt PLC

Tel:   +44 1202 597597

Charles Ryland, Buchanan

Tel:   +44 20 7466 5000


This information is provided by RNS
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