EADS board appoints chairman, approves EUR3.75bn share buyback scheme
EADS announced (02-Apr-2013) its board, at its first formal meeting following completion of the corporate governance changes, elected Denis Ranque as its chairman and has reappointed Tom Enders as CEO. The board also approved an 18-month share repurchase programme up to EUR3.75 billion.
- Share buyback programme: Covers the repurchase of up to 15% of EADS’s issued and outstanding share capital and at a maximum price of EUR50 per share. The programme reflects "current market conditions as well as EADS’ balanced approach to organic and external growth while preserving a conservative financial policy and sustainable returns to shareholders". The buyback is planned to be financed by cash available on the balance sheet. It is also expected to be earnings accretive. It may be carried out by any means, including on stock exchange, in private purchase or via derivative products. Shares acquired through the buyback will be cancelled;
- New board composition: Besides the appointment of the new chairman as well as the reappointment of the CEO, the new board also elected the members of the audit committee and the remuneration and nomination committees. [more - original PR]