Standard&Poor's said today that BAE Systems PLC's (A/Negative/A-1) announcement that its Chief Executive, John Weston, resigned does not result in any change to the ratings or outlook on the company. The reason for the sudden departure has been given as voluntary. The Farnborough, U.K.-based company had been unprofitable in 2000 and 2001, and management indicated in February 2002 that BAE's performance this year would be hurt by airline industry weakness affecting aircraft manufacturer Airbus SAS (in which BAE holds a 20% stake) and by completion of some defense export construction contracts. The sudden departure of the chief executive could complicate management's efforts to restore the firm to solid profitability, though there is no indication as yet of any
