Shares in QinetiQ (QQ.) tumbled 10 per cent after news broke that chief executive Leo Quinn is leaving to join troubled Balfour Beatty at the end of the year. Mr Quinn, who joined the defence contractor in 2009, developed a reputation as a turnaround guy after successfully overseeing debt reduction, cash generation, portfolio rationalisation, and the disposal of QinetiQ's troublesome US business during his five-year tenure.
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David Mellors, the current chief financial officer, will take over as interim chief executive until a permanent appointment is made. The board confirmed that it will consider both internal and external candidates.
