B/E Aerospace (BEAV) chief Robert Khoury will retire Dec. 31, the aerospace fasteners company said. He'll be replaced by Chairman Amin Khoury.

The Wellington, Fla., company also named Michael B. Baughan president and chief operating officer. He was senior vice president and general manager, commercial aircraft segment.

"As co-founder of the company, Bob has contributed significantly over the last 18 years in developing B/E Aerospace into the industry leader in cabin interior products," said Amin Khoury. "The entire board and management team express sincere gratitude for Bob's successful efforts and contributions. Bob will continue to be a member of B/E's Board of Directors and will be actively engaged in a number of specific projects, on a part time basis, as a consultant to the company after his retirement."

"I'm proud of our accomplishments but I now look forward to spending more time with my wife and family," said Robert Khoury. "In my capacities of board member and consultant, I plan to continue to contribute to the company's profitable growth on an as needed basis."

On Tuesday, B/E slipped 17 cents to $18.17.