(Reuters) – Babcock International <BAB.L> said on Wednesday Archie Bethel would be retiring as the British engineering firm’s chief executive officer after being in the role for more than three years.
Bethel is expected to stay in the role until a successor is found, the company said, adding that the search for a future CEO has already begun.
Babcock, whose biggest customer is Britain’s Ministry of Defence, is reshaping itself as it deals with contracts which are at the end of their lifecycle and those being terminated.
However, demand for support services provided by its UK warship unit has helped Babcock stay on course for its 2020 targets.
Bethel headed the company’s marine & technology division before becoming the CEO in September 2016. He took on the role from Peter Rogers.
(Reporting by Pushkala Aripaka in Bengaluru; Editing by Shounak Dasgupta)