22nd Apr 2015 06:13
LONDON (Alliance News) - Rolls-Royce Holdings PLC Wednesday said Chief Executive John Rishton will retire on July 2 and be succeeded by former ARM Holdings CEO Warren East.
East was CEO of chip designer ARM from 2001 to 2013, and became a non-executive director on the Rolls-Royce board in January 2014.
"Warren has an outstanding record as CEO of ARM Holdings. He is an engineer by training; he has a deep understanding of technology and of developing long-term partnerships. He has proven strategic and leadership skills in a global business and a strong record of value creation," Rolls-Royce Chairman Ian Davis said in a statement.
"I have a strong desire to return to an executive position with the energy and enthusiasm a role like this demands. The markets which Rolls Royce serves and the technology it deploys are fascinating. This is a wonderful opportunity and I am very much looking forward to leading this remarkable company," East said.
Under Rishton, Rolls-Royce's order book has grown by 24% and the share price has risen 63%, according to the company. He became CEO in March 2011, having previously worked at Ford Motor Co, British Airways and Dutch retailer Royal Ahold.
The aircraft and ship engine maker has had a tricky couple of years, with its defence markets suffering from a squeeze on defence budgets in the US and UK in the wake of the financial crisis and as military operations in conflict zones like Iraq and Afghanistan was scaled back. However, that has been largely offset by continued strong demand for engines for commercial jets.
By Steve McGrath; [email protected]; @stevemcgrath1
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