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Cobham to replace chairman in management shake-up

Reuters - UK Focus

LONDON, Nov 22 (Reuters) - Britain's Cobham (Other OTC: CBHMF - news) said chairman John Devaney would be replaced by senior independent director Michael Wareing in January, amid management change at the aerospace and defence company after two profit warnings.

Cobham's new CEO David Lockwood will start in December and new CFO David Mellors takes up his post in January as the company looks to rebuild after it blamed continued weak demand for some electronics products for a downgrade last month.

Cobham said on Tuesday that Devaney would quit as chairman and board member on Dec.31 and would be replaced by fellow board member Wareing from Jan.1, with Wareing's term not expected to go beyond the company's 2019 annual meeting.

He will lead the process to search for a successor chairman as well as supporting the new CEO and CFO.

(Reporting by Sarah Young)