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Last Updated: Tuesday, 16 October 2007, 10:00 GMT 11:00 UK
BAE Systems boss to quit in 2008
BAE Systems is one of four main contractors building Eurofighter
Defence manufacturer BAE Systems has announced that its chief executive Mike Turner will step down in 2008.

Mr Turner has led the company, which used to be called British Aerospace, for the past five years.

During that time, BAE has been accused of using a slush fund to win Saudi defence contracts, allegations that it has strongly denied.

The company has also been making a big push into the United States in search of business from the Pentagon.

"I am pleased to be leaving a great company in such excellent financial shape and with a strong forward strategy," said Mr Turner in a statement.

BAE Systems is now looking for his successor.

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