Sir Nigel Rudd rules himself out of the running as Cobham chairman

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City boardroom veteran Sir Nigel Rudd is out of the running to succeed David Turner as chairman of Cobham, the aerospace group, according to a source.

Sir Nigel stepped down as a non-executive director of Barclays earlier this year but remains chairman of BAA, Invensys and Pendragon. He is also a director of paper group Sappi. Mr Turner officially leaves next May to become chairman of Commonwealth Bank of Australia.