The London Stock Exchange has named the man who led the controversial flotation of UK defence company QinetiQ as its new chief financial officer, replacing Jonathan Howell, its finance director of nine years who quit unexpectedly last October.

Doug Webb, who has been finance director of QinetiQ for five years, managed the company's initial public offering in 2006. The company came under fire after backers, including management and The Carlyle Group, generated returns of more than seven times, leading critics to argue that the asset had been sold to them too cheaply during partial privatisation in 2003.