PARIS (AP) ― European plane and arms manufacturer EADS NV named Tom Enders its new CEO on Thursday, saying the German will take over later this year from Louis Gallois.

EADS, a German-French conglomerate, is a hallmark of European manufacturing. As the parent company of plane maker Airbus, it competes fiercely with U.S.-based Boeing.

The German and French states closely monitor its management, both to ensure the balance of power between the two countries and as a matter of promoting European manufacturing.

When Germany’s Daimler sought to sell its stake in EADS last year, a German state-owned bank stepped up to buy it, in order maintain the balance of ownership.

For many years, EADS had co-CEOs, one from each country. In 2007, it switched to one chief executive, whose nationality alternates.

Enders, 53, who is currently the CEO of Airbus, will take over after the company’s May 31 annual meeting, when Gallois’ five-year mandate expires.

At the same time, Arnaud Lagardere, who runs the media company that bears his name, will take over as chairman on the board. Fabrice Bregier will become CEO of Airbus.