BAE Systems has confirmed that Cressida Hogg is to become the first woman to chair its board. Britain’s biggest defence contractor has also launched a £1.5bn share buyback.
The group has announced that the current chair of Landsec will join as chair designate in November.
She will then succeed outgoing chair Sir Roger Carr at BAE’s annual meeting in May next year.
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BAE Systems, which builds submarines, fighter jets and ships and has bases across the country, also posted underlying earnings before interest and tax of £1.11bn for the six months to the end of June this year, a 8.2% rise.
Its sales also increased from £10bn to £10.5bn over the same period.
Chief executive Charles Woodburn said: "Trading in the first half has been in line with expectations delivering strong order intake and good operational performance.
"Our diverse portfolio, together with our focus on programme execution, cash generation and efficiencies are helping us navigate the current macroeconomic challenges and position us well for sustained top line and margin growth in the coming years.
"We see further opportunities to enhance the medium- and long‑term outlook as our customers commit to increased defence spending to address the elevated threat environment.
"The positive outcome of the UK pension triennial review, along with our performance and confidence in the outlook enable us to maintain our guidance, continue to invest in our business and progress our ESG agenda whilst increasing returns to our shareholders.
"Good operational performance, execution on our strategy and confidence in the outlook enables us today to announce a 5% increase in the interim dividend as well as initiating a new, three-year share buyback programme for up to £1.5bn."
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