BAE Systems has announced that Charles Woodburn will become the company's new chief executive officer.

Mr Woodburn, who is currently the company's chief operating officer, will replace Ian King, who has held the role since 2008.

He will take over the role on July 1, when Mr King will retire.

Mr Woodburn joined the plc in May last year following a career in the oil industry and is responsible for overseeing the Barrow submarine yard.

Since his appointment he has been widely tipped to take over from Mr King and this was confirmed in an announcement to the London Stock Exchange today.

BAE's chairman Roger Carr said: "After a distinguished career, Ian will retire leaving a legacy of disciplined performance, ethical behaviour, a burgeoning order book, a track record of delivering shareholder value and a strong leadership team.

"Since his appointment last year, Charles has made an important contribution to the company, bringing impeccable engineering credentials, broad international experience and fresh perspectives to build on our existing strengths.

"In his new role, he will build on an enviable inheritance to create an exciting future, where we will continue to be performance-driven and values-led."