Instead, Sir Richard became an ever-more executive chairman, although Mike Turner has been appointed chief executive.

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"Every option was explored to preserve the Crusaders and we're grateful for Wrexham Village Ltd for coming in, " said Crusaders chief executive Mike Turner.

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BAE'S chief executive, Mike Turner, even let slip that a proposal to merge with Thales had been made by the French company's boss, Denis Ranque.

ECONOMIST: Europe's defence industry