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Tuesday, November 09, 2010

Babcock's Hesketh Quits After Aircraft Carrier Remarks

Queen Victoria classBabcock International Group PLC Monday said that Deputy Chairman Lord Hesketh had resigned "with immediate effect" just hours after the company distanced itself from comments he made that the program to build two new aircraft carriers for the Royal Navy was a "disaster" that would make Britain a "laughing stock."

Babcock's Rosyth yard is building the carriers. BAE Systems PLC (BA.LN) is the prime contractor on the program.

Hesketh criticized BAE Systems in the Daily Telegraph Monday for having a vested interest that had caused extra expense.

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