>>> New Meggitt COO in line to become CEO next year; activist Elliott approaches

New Meggitt COO in line to become CEO next year; activist Elliott approaches Honeywell, others for sale - report

Meggitt [LON:MGGT]’s newly appointed chief operating officer, Tony Wood, is in line to become chief executive of the UK-based aerospace-equipment and engineering group, The Sunday Times reported.

Meggitt is expected to start seeking a successor to incumbent CEO Stephen Young within the next 12 months and Wood is considered a prime candidate, sources cited in the report said.

During recent weeks Meggitt activist shareholder Elliott Management has reportedly been approaching other key investors. Elliott, which acquired a 5.2% Meggitt stake three months ago, is eager to push for a sale or break-up, and has been courting the US conglomerate Honeywell [NYSE:HON] and other prospective buyers, the report said, citing City sources.

The same people also named the British aerospace and automotive parts company GKN [LON:GKN] and French aerospace group Safran [EPA:SAF] as possible buyers, the report said.

Neither Elliott nor Meggitt wished to comment, the item reported.

The original report appeared in The Sunday Times, Business section, page 3