British aerospace company Rolls-Royce has announced that CEO Sir John Rose will retire from the company in March next year to be replaced by former British Airways CFO John Rishton.
Sir John Rose, who first joined Rolls-Royce in 1986 and has served as chief executive since 1996, paid homage to his colleagues upon the announcement. “The success of Rolls-Royce is founded on teamwork and technology,” he said. “The people in this extraordinary company have my deepest admiration and it has been a tremendous privilege to work with them. Rolls-Royce has earned the opportunity to grow and to prosper in the coming years.”
Company chairman Sir Simon Robertson saluted Rose’s “leadership, strategic vision and tenacity” in leading a transformation within the company “which has few parallels.”
“With John at the helm, the Group has developed into a truly global company,” said Sir Simon. “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.”
Rishton, who already sits on Rolls’ board as chairman of the audit committee, leaves his current job as chief executive for Dutch retail group Royal Ahold. He has also held senior positions at Ford as well as his four year stint as chief financial Officer for BA.