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Safran names Petitcolin CEO, McInnes chairman

Reuters - UK Focus

PARIS, Dec 5 (Reuters) - French aerospace group Safran named Philippe Petitcolin) as its next chief executive when chairman and CEO Jean-Paul Herteman retires next spring.

Herteman's chairman role will be awarded to current Finance Director Ross McInnes as the company returns to its previous structure with the chairman and CEO roles split, it said in a statement.

The announcement came immediately after a board meeting and resolved months of succession rumours at the maker of jet engines, plane and rocket parts, and biometric security systems.

Safran (Paris: FR0000073272 - news) co-owns CFM International, the world's largest jet engine manufacturer based on the number of units sold, together with General Electric.

CFM engines power the Boeing (NYSE: BA - news) 737 series and about half of the competing Airbus A320 fleet. (Reporting by Geert De Clercq, writing by Tim Hepher)