BAE Systems has confirmed that chief operating officer Charles Woodburn will take the helm as chief executive when Ian King retires this summer.
It will mark the end of a near nine-year tenure for Mr King, who took over as chief executive of the defence firm in September 2008.
He will have spent nearly 40 years in the sector when he retires on June 30.
Mr Woodburn is to take over after little more than a year at BAE, following a 20-year career in the oil and gas industry, and will see his base salary bumped to £875,000 as part of the move.
Chairman Sir Roger Carr said Mr Woodburn would build on Mr King's "legacy" of disciplined performance, ethical behaviour and a burgeoning order book.
"Since his appointment last year, Charles has made an important contribution to the company, bringing impeccable engineering credentials, broad international experience and fresh perspectives to build on our existing strengths.
"In his new role, he will build on an enviable inheritance to create an exciting future, where we will continue to be performance-driven and values-led."
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