Lo-Q (LON:LOQ) has appointed former chief executive of BAE Systems (LON:BA) John Weston as chairman with effect from 1 May this year.
Weston is currently chairman of Acra Control, a supplier of data collection devices for flight test instrumentation; MB Aerospace, a supplier of machined engine components to the aero-engine industry; and AWS Electronics, a company manufacturing circuit boards and wiring harnesses for the defence and aerospace businesses.
He is also chairman of the trustees for Ufi (learn-direct), the government's on-line learning organisation.
Weston served as chief executive of British Aerospace and then BAE Systems from 1998 to 2002, when it was a £12.5billion business employing over 120,000 people.
“I am delighted to welcome John Weston to the board. His very substantial experience will be invaluable to Lo-Q and we are very pleased to have such a knowledgeable addition to the board,” said chief executive of Lo-Q Tom Burnet.
Weston will be granted options over a total of 69,444 shares in the company exercisable at an exercise price of £1.44.
John Lillywhite, who has been serving as acting chairman of Lo-Q, will remain on the board as a non-executive director.
Last week, The AIM-listed developer of virtual queuing systems for theme parks said that it was pleased with the operational and strategic progress made so far in 2011 that the strategy implemented by Tom Burnet, who was appointed CEO last year, was working.
Canaccord Genuity analyst Bob Liao said in a note that followed last week’s announcement that he saw earnings upside and rating upgrade potential for Lo-Q, reiterating his “buy” recommendation for the stock and 182 pence price target.
Investors welcomed the appointment as shares in Lo-Q rose 2.5 percent to 148.50 pence in early trade today.