Engines maker Rolls-Royce Group plc (RR.L) said Thursday that its chief executive Sir John Rose will retire at the end of March 2011 and it also announced the appointment of John Rishton to succeed Rose. Rishton is currently the chief executive of Dutch retail group Royal Ahold. John Rishton has been a non-executive director of London-based Rolls-Royce since 2007 and chairs the Audit Committee. Ian Strachan, who is a non executive director of Rolls-Royce, will replace Rishton as chairman of the Audit Committee on an interim basis. According to the company, Rishton will join under the similar terms and conditions as Sir John Rose. Prior to joining Royal Ahold in 2006, Rishton was Chief Financial Officer of British Airways for four years. He has also held senior positions at the Ford Motor Company.
Sir John Rose joined Rolls-Royce in 1984 and became a board member in 1993 and was appointed as chief executive in 1996. Sir Simon Robertson, chairman of Rolls-Royce said, "With John at the helm, the Group has developed into a truly global company, it has built a powerful portfolio, and constructed a platform from which we expect revenues to double in the decade ahead. This presents a tremendous opportunity which I know John Rishton and the rest of the management team will take forward."
"It has been my great good fortune to work for Rolls-Royce for the past twenty six years, and to have been its Chief Executive for nearly fifteen. The success of Rolls-Royce is founded on teamwork and technology," said Sir John Rose. Rolls-Royce provides power systems and services for use on land, at sea and in the air. The company employs over 39,000 people in offices, manufacturing and service facilities in 50 countries. The company's annual underlying revenues in 2009 were GBP 10.1 billion, of which about half came from services revenues. The company's firm and announced order book as at June 30, 2010 stood at GBP 58.4 billion.
RR.L is currently trading at 603 pence, up 14 pence or 2.38%, on a volume of 905 thousand shares.
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