Gaffe sees Babcock boss quit

first_img Gaffe sees Babcock boss quit Monday 8 November 2010 10:05 pm Show Comments ▼ More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comKansas coach fired for using N-word toward Black playerthegrio.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comColin Kaepernick to publish book on abolishing the policethegrio.comMark Eaton, former NBA All-Star, dead at 64nypost.com whatsapp Sharecenter_img THE deputy chairman of defence contractor Babcock International was forced to resign in embarrassing circumstances yesterday after he called the Royal Navy’s procurement of two aircraft carriers the company is building a “disaster”.Former trade minister Lord Hesketh, who has been deputy chairman of Babcock since 1996, was reported as saying the Navy’s two new aircraft carriers would make it a “laughing stock” and blamed “vested interests” at lead defence contractor BAE Systems for pushing up the price of the £5.2bn programme.“We are paying twice as much as we should to get half the capability,” he said. Lord Hesketh added the contract was a “Looney Tunes” operation that was “about to turn into a classic British disaster”.Babcock, which is part of the consortium building the two £3bn carriers, immediately distanced itself from Lord Hesketh’s comments, issuing a statement at the start of trading on the London stock exchange describing the comments as “personal” adding that they “do not in any respect reflect the views of the company”.However, the statement did little to calm investors with Babcock’s share price falling 5.5p to close at 571.5p. By mid-afternoon Babcock had issued a statement to the stock market saying Lord Hesketh had resigned from the board with immediate effect. Babcock chairman Mike Turner, who was a combative BAE chief executive for six years until 2008, said: “Lord Hesketh has been a long-standing and valued member of the Babcock board, and over this period has made a significant contribution to the development of the group. We thank him for his contribution and wish him well.”Under last month’s strategic defence review, the UK’s fleet of Harrier jump jets will be decommissioned next year. As a result one aircraft carrier currently being built by Babcock will never carry fighter jets and will only be operational for three years. The other aircraft carrier will only become fully operational in 2020, when it receives a fleet of fighter jets from BAE. TIME LINE | BABCOCK8/11/2010 – 07.30amLord Hesketh’s comments about the aircraft carriers are published.8/11/2010 – 08.00amBabcock issues statement distancing itself from Lord Hesketh’s comments.8/11/2010 – 09.00amBabcock shares edge down 5.5p to 571.5p.8/11/2010 – 02.11pmBabcock issues statement that Lord Hesketh has resigned from the board with immediate effect. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Timesmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorythedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure Solution whatsapp KCS-content Tags: NULLlast_img

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