Leo Quinn will replace George Love as CEO, after his shock resignation from QinetiQ.

QinetiQ has announced that its Chief Executive, Graham Love, has resigned from his post and will leave on 30 November 2009, with Leo Quinn, former CEO of De La Rue plc replacing him.

Reports have suggested that Mr Love has resigned following the damning report over the Nimrod crash which killed 14 servicemen in 2006, as the news comes just hours after the independent review by Charles Haddon-Cave QC was released.

However, no mention of the report appeared in the statement released by the defence firm today.

Mr Haddon-Cave said that the safety review which was undertaken by the Ministry of Defence (MoD), BAE and QinetiQ, of the ageing Nimrod MR2 a year before the crash was a “lamentable job” which failed to identify “key dangers.”

The report also specifically criticised 10 individuals – five at the MoD, three at BAE Systems and two at QinetiQ. However, it recognised at least that QinetiQ and the MoD had not shied away from their responsibilities but that BAE had been “in denial.”

Mr Quinn will take up his role on 16 November so that Mr Love can make a handover. The statement said Mr Love will remain onboard as a consultant on the Defence Training Rationalisation (DTR) project.

QinetiQ’s outgoing Chairman, Sir John Chisholm, said: “I would like to thank Graham not only for his leadership over the last four successful years as Chief Executive Officer, but also for the part he has played in QinetiQ’s creation from the time he joined as Chief Financial Officer of the Defence Research Agency in 1992.”

Regarding Mr Quinn’s appointment, Sir John said: “He has an excellent leadership record with customers, employees and investors. The Board looks forward to working with Leo to further accelerate the success and growth of the Group.”

Mr Love commented on his departure: “I am delighted to have played a role in the evolution of a great company, and privileged to have worked with an outstanding group of colleagues. I wish the team every success as its journey continues.”