The Board of Ultra Electronics Holdings plc announced that Rakesh Sharma has stepped down as Chief Executive and from the Board with immediate effect. The Board has asked the current Chairman, Douglas Caster, to assume the role of Executive Chairman until a successor is appointed, and Douglas has agreed to take on the role. Douglas Caster was Chief Executive of Ultra from 2005 to 2010.

In addition, the Board has asked Sir Robert Walmsley, whose term as a non-executive director is due to expire in April 2018, to remain on the Board for a further year as Senior Independent Director to provide non-executive continuity and leadership.