BAE Systems names Schlumberger's Brad Greve as next finance director
BAE Systems has named a former Schlumberger executive to be its new finance director.
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Brad Greve would join the company's executive committee in September and then take over as group finance director on 1 April 2020, when his predecessor, Peter Lynas, had retired.
The engineer highlighted Greve's 30 years of experience on large capital projects and programmes around the world, albeit in the oil and gas industry, most recently as financial controller at the US oil services outfit's Wells unit, where he oversaw $20.0bn of annual sales and $1.0bn of annual capital expenditures.
BAE chief, Charles Woodburn said: "I'm delighted to welcome Brad who, with more than 30 years' experience growing large international portfolios in a complex sector, brings considerable talent to the business and is well positioned to take the Company forward."
Lynas, who had served in his current role since 2011, having previously been director of financial control at BAE Systems since 1999, would "help ensure a smooth handover of responsibilities", BAE said.
Greve's remuneration package included a base salary of £610,000 and a company contribution to his pension of as much as 8.0% of his reference salary.
BAE Systems would also buy out certain incentives awarded to Lynas by his previously employer which he had forfeited by leaving.
Lynas would also be subject to a minimum shareholding requirement equivalent to 200% of his base salary.
Shares of BAE Systems finished the Thursday session 2.82% higher at 569.0p.