(Reuters) - Speciality chemicals maker Alent Plc appointed Andrew Heath, president of Rolls-Royce Energy, as its chief executive, effective Feb. 21.
Heath replaces Steve Corbett, who stepped down on Sept. 4.
Andrew Heath, an engineer from Imperial College, was chief executive of Rolls-Royce Fuel Cell Systems before becoming president of Rolls-Royce Energy in 2010.
"While Mr Heath does not have CEO experience or experience of Alent's main end-markets, he has a solid track record in managing a global 1 billion-pound-revenue business at Rolls-Royce and has clear experience in both manufacturing and bringing innovation," UBS analysts Gareth Jenkins and David Mulholland said in a note.
UBS raised its price target on the stock to 370 pence from 360 pence.
In September, analysts had said that former CEO Corbett had stepped down following differences of opinion with the board and activist investor Cevian over the future balance between bolt-on acquisitions, capex and cash return. However, the company did not cite any reason for Corbett's exit.
Alent, which supplies fluxes, adhesives and electroplating chemicals, also reported a 1.2 percent fall in third-quarter group net sales value during July 1 to Nov. 5.
The FTSE-250 company said it was witnessing sequential increase in demand across its principal electronics and automotive end-markets.
Shares in Alent rose as much as 3.6 percent in early trade to 342 pence on the London Stock Exchange.
(Reporting by Aashika Jain in Bangalore; Editing by Robin Paxton and Gopakumar Warrier)