The MoD Procurement Executive was the acquisition organisation of the Ministry of Defence.
The Procurement Executive (widely known as PE) was established on 2 August 1971 as a single procurement agency for all three services with Derek Rayner (later Lord Rayner) as the first Chief of Defence Procurement. It was superseded by the Defence Procurement Agency on 1 April 1999.
PE was responsible for the acquisition of equipment for the Royal Navy, British Army and Royal Air Force.
References
MoD Procurement Executive Wikipedia(Text) CC BY-SA