Group CEO retirement and succession

GROUP CHIEF EXECUTIVE RETIREMENT AND SUCCESSION

Chemring announces that Group Chief Executive, Michael Ord, has informed the Board of his decision to retire.

Following a comprehensive search process, the Board is pleased to announce the appointment of Tom Newman as Michael Ord's successor. He will join as Group Chief Executive Designate on 5 October 2026 and, after a transition period, will join the Board and take over as Group Chief Executive on 1 January 2027. At that point Michael Ord will retire and step down from the Board.

Tom joins from Babcock International Group, where over the past 17 years he has held a number of senior roles, most recently as Chief Executive of Babcock's Land and UK Aviation Sector, a c.£1bn revenue defence and engineering services business. During his tenure Tom led the business through a period of significant strategic transformation and operational improvement. He has a proven track record of delivering sustained profitable growth and value creation.

Michael Ord, Chief Executive of Chemring, commented:

"After an immensely rewarding eight years I have decided the time is right for me to retire. It has been a privilege to work alongside such talented and dedicated colleagues across the Group, and I am incredibly proud of what we have achieved together. Chemring has evolved significantly, strengthening its position as a trusted partner to customers around the world while remaining committed to our values of safety, excellence and innovation. I would like to thank everyone who has contributed to our success.

I wish Tom Newman and the broader Chemring team continued success in the years ahead."

Tony Wood, Chairman of Chemring, said:

"Michael Ord has been an exceptional Chief Executive, leading Chemring through a period of significant transformation to build a stronger, more successful and growing business, while embedding an industry-leading safety culture. Michael's vision, commitment and leadership have played a central role in establishing Chemring's strong position today and he leaves the business well placed for the future. The Board joins me in thanking him for his dedication over the past eight years and we wish him well in his retirement.

"I am delighted that Tom will be joining as Group Chief Executive Designate. Tom has a proven track record within the international defence industry, most notably at Babcock International, and brings all the necessary skills and experience to deliver strong growth and attractive returns in the future. "

Tom Newman added:

"I am delighted to be joining Chemring. The Group is well placed with a strong market position, exceptional people and an exciting future. I am honoured to have been selected as the Group's next Chief Executive and look forward to working with colleagues across the Group as we take advantage of the growth opportunities ahead."

Tom Newman:

Until recently Tom was Chief Executive of Land and UK Aviation, one of Babcock's three principal sectors, generating approximately £1 billion of annual revenues. He led a significant improvement in the performance of the business, while strengthening relationships with customers.

From 2016 to 2021 Tom held a number of senior positions including Babcock's Managing Director of Emergency Services and Training and Managing Director of Strategic Partnering Programme.

Prior to this Tom was Managing Director of Babcock's Airport Services.

Tom read Naval Architecture at University College London before joining VT Group, then one of the UK's leading support services and shipbuilding businesses. Following Babcock's acquisition of VT Group in 2010, he joined the enlarged organisation.

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