Babcock under pressure to oust finance chief Franco Martinelli – The Times

Babcock under pressure to oust finance chief Franco Martinelli – The Times


Defence contractor Babcock is under pressure to replace its finance director after a tumultuous few years.

At least one leading shareholder is agitating for the removal of finance chief Franco Martinelli, who has held the role for five years and spent 12 years before that as financial controller.

Babcock, which maintains the navy’s fleet of submarines, has endured a tough spell since 2014, with its shares falling almost 60%. Last year it was hit when an obscure research outfit, Boatman Capital, criticised senior management and warned over Babcock’s relationship with the Ministry of Defence.

Chairman Mike Turner, the former boss of BAE Systems, was replaced by former Shell executive Ruth Cairnie in July. Since then, the share price has partially recovered. Babcock recently won a…



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