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4-Traders Homepage  >  Equities  >  Italian Stock Exchange  >  Leonardo    LDO   IT0003856405

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Finmeccanica SpA : DRS Technologies appoints William J. Lynn Chairman and Chief Executive Officer

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01/26/2012 | 03:38pm CET
DRS Technologies appoints William J. Lynn Chairman and Chief Executive Officer

Finmeccanica is pleased to announce that the Board of Directors of its US subsidiary DRS Technologies, Inc. has appointed William J. Lynn III as its Chairman and Chief Executive Officer. The appointment is effective immediately. Lynn replaces current Chairman and Chief Executive Officer Mark S. Newman who is retiring. 

This new appointment is a key element of the Finmeccanica Group's strategy aimed at strengthening its US defense and security business through a more effective and competitive organization and management structure - one that can address the changing requirements of the US customer. 

"I am very pleased to welcome Bill to the Finmeccanica team," said Giuseppe Orsi, Chairman and Chief Executive Officer of Finmeccanica. "He is uniquely qualified for this role, having worked in boththe public and private sectors including recent service as United States Deputy Secretary of Defense. Bill's responsibilities will be to develop our business in North America, and shape and manage the Group's activities, to reposition them in light of a changing US and international defense and security market. He will also be responsible for ensuring the highest standards of corporate governance, business ethics and security compliance across the company." 

Lynn replaces current Chairman and Chief Executive Officer Mark S. Newman, who has been the driving force behind DRS Technologies' growth into a major US defense player. Newman leaves the company having coordinated the integration with Finmeccanica and having built a strong foundation for the future of the company. 

"Without Mark, there would be no DRS," said Orsi. "This is a company that is fundamental for Finmeccanica's position as a major industrial player in the US defense and security market. We are grateful to Mark not only for instilling in DRS a culture of commitment to its customers, but also for hisdedication and service to the industry." 

Lynn brings to Finmeccanica almost 30 years of experience in the defense sector. Prior to joining the Finmeccanica Group, Lynn served as United States Deputy Secretary of Defense. From 2002 to 2009, he was Senior Vice President of Government Operations and Strategy at a leading defense company. Additionally, he worked for four years as Under Secretary of Defense (Comptroller). He was also Director of Program Analysis and Evaluation in the Office of the Secretary of Defense. 

Lynn holds a law degree from Cornell Law School and a Master's degree in Public Affairs from the Woodrow Wilson School of Public and International Affairs at Princeton University. He is also a graduate of Dartmouth College. His publications include a book, Toward a More Effective Defense, as well as articles in newspapers and professional journals. 

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Financials (€)
Sales 2017 11 687 M
EBIT 2017 866 M
Net income 2017 341 M
Debt 2017 2 594 M
Yield 2017 1,49%
P/E ratio 2017 14,84
P/E ratio 2018 11,43
EV / Sales 2017 0,67x
EV / Sales 2018 0,65x
Capitalization 5 239 M
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NameTitle
Alessandro Profumo Chief Executive Officer
Giovanni de Gennaro Chairman
Alessandra Genco Chief Financial Officer & Vice President
Paolo Cantarella Lead Independent Non-Executive Director
Silvia Merlo Independent Non-Executive Director
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