UPDATE 1-Cobham names John Devaney as its new chairman

LONDON, Jan 22 (Reuters) - British aerospace and defence electronics group Cobham said John Devaney, currently executive chairman of bus and rail operator National Express , would become its chairman in May.

Devaney, who is also executive chairman of National Air Traffic Services Ltd, will become Cobham's chairman designate from Feb.1.

He will officially replace the firm's outgoing chairman, David Turner, after Cobham's annual general meeting on May. 6 by which time he will have relinquished his executive responsibilities at National Express.

'(Devaney) has managed businesses across Europe, the UK, Canada, Japan and the U.S., including companies that have high technology content and he has proved himself as a chairman,' Cobham's Chief Executive Andy Stevens said.

National Express last month said Dean Finch, the boss of Tube Lines, would become its chief executive next spring

Shares in Cobham, which have fallen 5 percent so far this year, closed at 239 pence on Thursday, valuing the group at around 2.8 billion pounds ($4.57 billion).

(Reporting by Rhys Jones; editing by Paul Sandle)

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