0802 GMT - British defense equipment specialist Chemring's announcement of an orderly CEO transition process is being well received by the markets. Michael Flowers is set to leave this year after joining in 2014 and stabilizing a business that had been in turmoil. Chemring names Michael Ord, from BAE Systems PLC, to join in June and taking over the CEO role in July -- with a handover period. One unresolved issue, a serious fraud office investigation into two contracts. Shares in Chemring, which makes items such as chaff and flare to protect military planes against surface-to-air missiles, up 1.67%. ( robert.wall@wsj.com )

(END) Dow Jones Newswires

May 01, 2018 04:17 ET (08:17 GMT)

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