Aerospace components engineer Meggitt announced on Wednesday that its Chief Executive, Terry Twigger, has said he intends to retire from the role and the board is set to replace him with Stephen Young, who has been Finance Director of Meggitt since 2004.

The changes will take place immediately following the group's annual general meeting on May 1st.

Twigger will continue to be employed by the company until his retirement on June 30th.

Chairman Sir Colin Terry 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."

On Wednesday morning Bank of America raised its target price on the stock from 430p to 470p and upgraded it from neutral to buy.

The share price rose 3.47% to 423.70p by 13:16.

NR

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