Cobham names new chairman Pike as Mike Wareing exits

Cobham’s boardroom will have a new man at the helm after chairman Mike Wareing, best known as a former UK envoy to southern Iraq, said he would step down.

Wareing was promoted to chairman at the defence firm two years ago after a string of profit alerts led to a boardroom overhaul.

He said the exit was “the final stage of the rolling succession plan” agreed in early 2017.

The Ministry of Defence supplier has named serial chairman Jamie Pike, who currently chairs FTSE 100 engineer Spirax-Sarco Engineering, as a replacement.

Pike has become available after stepping down as chairman of plastics group RPC, which was bought for £3.3 billion in a takeover by Berry Global last month. He has also chaired Ibstock, Tyman, Lafarge Tarmac and MBA Polymers.

He also has military links, at one time chairing the UK Defence Support Group.

Wareing, an ex-KPMG executive, was made commissioner of the Basra Development Commission in 2008, which was set up to boost economic development in the war-torn region.

Cobham said trading for the financial year so far was in line with expectations and the focus was on improving operations and simplifying the company.