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Qinetiq, the former Ministry of Defence (MoD) research arm parodied in the James Bond films by the gadget-making boffin Q, is to replace its controversial chairman with an American and is within weeks of earning more in the US than from the UK.
QinetiQ said Mark Elliott, a former senior executive at IBM, is joining its board and will replace Sir John Chisholm as chairman next year.
Chisholm is the company's former chief executive and the ex-MoD civil servant who oversaw the contentious privatisation of QinetiQ three years ago.
That sell-off netted Chisholm a fortune of more than £20 million and saw him accused of "profiteering" by a senior committee of MPs.
Elliott is joining QinetiQ as it hastens to its goal of becoming a North American business focused not only producing bomb-finding robots for the US military but providing anti-terrorism and cyber-terrorism services for the Department of Homeland Security.
The company said today that 47% of its £1.6 billion revenues in the year to the end of March came from the US.
Chief executive Graham Love said that figure will be over 50% by the end of the half year in September.
US work replacing MoD contracts saw QinetiQ pre-tax profits surge 19% to £130 million. The dividend is being lifted 12% to 4.75p.
Reader views (1)
The Americans would NEVER put a non-US citizen in charge of their sunkworks...absolutely amazing, staggers belief.
- Hawkins, Dorset, 21/05/2009 10:22
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