EDINBURGH (Reuters) – The chairman of British engineering firm Babcock <BAB.L>, Mike Turner, will step down in July, the group said on Thursday, after a decline in its share price and company warnings that income from nuclear decommissioning would fall sharply.
Turner said in a statement he took the decision himself because he wished to comply with good corporate governance after a decade as chairman.
Babcock, whose biggest customer is Britain’s Ministry of Defence, has had to allay doubts about its financial health, management and its key customer relationships in recent months.
Its shares have fallen 14 percent in the past three months versus a 3 percent fall in Britain’s FTSE main share index.
(Reporting by Elisabeth O’Leary, Editing by Paul Sandle)