Ultra Electronics Holdings plc announced Paul Dean has been approached to take a Finance Director role outside of the defence and aerospace sector, as previously announced in the Interim Management Statement on November 16, 2012. Paul has agreed to become CFO of the Diamonds business of Rio Tinto plc and will leave Ultra on March 31, 2013. In accordance with paragraph 9.6.11 of the Listing Rules, Ultra announced that Mary Waldner will succeed Paul as Group Finance Director and be appointed to the Board.

The date that Mary will join Ultra is yet to be finalised, and a further announcement will be made in due course. Mary is currently Director, Group Finance of QinetiQ Group plc She was previously Group Financial Controller at 3i Group plc, following ten years at British Airways plc where she held a number of senior roles including Financial Controller (Commercial) and Manager, Corporate Planning and Reporting. In the interim period, the function of Group Finance Director will be undertaken by Mark Nelson.

Mark will not be appointed to the Board and will report directly to the Chief Executive. Mark was the Group Financial Controller until 2012, since when he has been the Finance Director for Ultra's Sonar and Undersea Systems Division.