Dumped Rolls Royce high-flier finds new posting in Meggitt’s top job

When Rolls-Royce’s top aerospace man Tony Wood left the company after a restructuring in 2015, it seemed an abrupt end to a high-flying career.

But now it appears he was only biding his time.

Wood, 51, has been named as chief executive of aerospace engineering giant Meggitt, giving him the controls of a £3.7 billion company. He replaces Stephen Young, 62, who is retiring after five years in charge.

“Tony brings a wealth of industry knowledge, skills and extensive operational experience from his 30 years in the aerospace sector,” said chairman Sir Nigel Rudd.

Wood joined Meggitt in December 2016 as chief operating officer amid a battle with hedge fund activist Elliott, which was pressing for big changes to the aerospace division.

He was given the task of “accelerating the operational performance” of the company.

Elliott is since thought to have reduced its stake.

Wood will take up his new job on January 1. Young will retire in April, helping to give an “orderly transition” to the swap, Meggitt said.

Before Rolls, Wood spent 16 years at French company Safran Landing Systems.