New Rolls-Royce boss

After 14 years as CEO and CFO and a record order with Emirates (See BTN 20 April) now signed, Rolls-Royce has announced that John Rishton, Chief Executive, is to retire. 

Rolls-Royce Plc was separated from the motor car manufacturer of the same name in 1973, which is now part of BMW.  Bentley, once a sister company, is owned by the Volkswagen Group and is considered a rival.

The engineering giant said Mr Rishton will leave in July and be succeeded by Warren East, the former boss of chip designer ARM Holdings.  Mr East has been a non-executive Director of Rolls since January.

Chairman of Rolls-Royce, Ian Davis, said: "I am very pleased that Warren East will become the new Chief Executive of Rolls-Royce following John Rishton's retirement.

"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.”

Mr Davis pointed out that in John Rishton’s tenure as Chief Executive profits have increased by 69%, the order book grown by 24% and the share price risen 63%.  www.rolls-royce.com/news/press-releases

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