TIDMRR.
RNS Number : 6374C
Rolls-Royce Holdings plc
24 February 2022
24 February 2022
CEO AND BOARD SUCCESSION
Rolls-Royce (LSE:RR., ADR:RYCEY) announces that Warren East,
Chief Executive, has decided to step down at the end of 2022, after
nine years on the Board and almost eight years as CEO. As a result,
the Board will now launch a thorough and extensive search for his
successor.
Anita Frew, Chair, said: "Warren is an exceptional leader and
has set a pioneering vision and strategic direction for Rolls-Royce
to lead the transition to net zero across our markets. He has shown
incredible tenacity, steering the Group through unprecedented
times, and driven substantial cultural change throughout the
organisation. He has a real passion for the business which
engenders pride in our people and confidence among our
stakeholders. He has led Rolls-Royce to a point where we have
substantially delivered on our recent commitments to investors and
are now firmly set on the path to a more prosperous and sustainable
future. We are now running an open and transparent process to find
his successor and ensure a smooth transition. I know that during
this time, Warren will continue to lead Rolls-Royce with all the
dedication he has shown throughout his tenure."
Warren East, CEO, said: "It is a privilege to lead Rolls-Royce -
it's a job which I thoroughly enjoy. There have been challenges,
but we have built on the cultural and organisational improvements
we have made to work through them, deliver on our commitments and
create a better business. We have simplified the Group,
fundamentally improved our underlying operations and driven
long-term change. Rolls-Royce is a dramatically different business
today: a leading industrial technology company that is not only
addressing the energy transition but embracing the opportunity it
presents to generate substantial business growth, including through
the creation and nurturing of new businesses with very significant
potential. With the advances we have made, the momentum and energy
we have shown and our firmer financial foundations, this is the
right moment to look to the future. I am thoroughly committed to
leading this business while we work towards a smooth leadership
transition. The passion and skills of our people, the strength of
our technologies and the depth of our relationships, give
Rolls-Royce tremendous opportunities to pioneer the vital solutions
our planet needs to create a net zero carbon future. This is the
biggest technological shift for the Group since the arrival of the
jet engine."
Non-Executive Director changes
Over the last year we have strengthened the Board's skills and
experience in aerospace, engineering, operations, technology and
digital transformation, with the appointments of Paul Adams, Mike
Manley and Wendy Mars as Non-Executive Directors.
During 2022, we will see two further departures from the Board.
Lee Hsien Yang will have completed his nine-year term of office at
the end of 2022. In addition, Irene Dorner has indicated her
intention to step down and will not be standing for re-election at
this year's Annual General Meeting on 12 May. Irene is currently
Chair of the Remuneration Committee and Employee Champion. Irene
has been a valued member of the Board, a thoughtful Chair of the
Remuneration Committee through some challenging periods for the
Group and a very engaged Employee Champion, ensuring the voice of
the employee is heard in the boardroom. The Board would like to
thank her for her dedication during her time with Rolls-Royce.
As a result, we are strengthening the Board's international,
geopolitical and remuneration experience and we are pleased to
announce the appointment of Jitesh Gadhia, who will join the Board
on 1 April 2022. Upon his appointment to the Board, Jitesh will
become a member of the Nominations & Governance and
Remuneration Committees. He will Chair the Remuneration Committee
from the conclusion of this year's AGM. Jitesh has extensive
experience of a wide range of industries and partnership structures
from his time as an executive in the banking and private equity
sector; where he held senior roles at Blackstone, Barclays Capital
and ABN AMRO. He is a member of the UK-India Advisory Council and
also a trustee and chair elect of the British Asian Trust, which
tackles poverty, inequality and development challenges in South
Asia through the use of social finance products.
Jitesh is a non-executive director of Taylor Wimpey plc, where
he has been a member of the remuneration committee since March
2021; a non-executive director of Compare the Market Limited, where
he chairs the remuneration committee; and a non-executive director
of Accord Healthcare Limited. He is also an HM Treasury appointment
to the Board of UK Government Investments Limited. There are no
matters that would require disclosure under 9.6.13R of the Listing
Rules of the UK Financial Conduct Authority in respect of the
appointment of Jitesh.
Sir Kevin Smith currently serves as Senior Independent Director
and Chair of the Science & Technology Committee, in addition to
bringing valuable engineering expertise. Now in his seventh year on
the Board, Sir Kevin has indicated his wish to relinquish both his
Senior Independent Director and Committee Chair responsibilities.
With effect from the conclusion of this year's AGM, George Culmer
will be appointed Senior Independent Director and Paul Adams will
be appointed Chair of the Science & Technology Committee.
George is an experienced senior independent director and chair with
strong links with institutional investors and other stakeholders.
Paul brings to the Science & Technology Committee his extensive
aerospace and engineering expertise.
This announcement has been determined to contain inside
information.
Officer responsible for making the notification:
Pamela Coles
Chief Governance Officer
For further information, please contact:
Media
Richard Wray
Director of External Communications & Brand, Rolls-Royce
plc
Tel +44 (0) 7810 850055
Richard.Wray@Rolls-Royce.com
Investors
Isabel Green
Head of Investor Relations, Rolls-Royce plc
Tel +44 (0) 7880 160976
Isabel.Green@Rolls-Royce.com
www.rolls-royce.com
About Rolls-Royce Holdings plc
1. Rolls-Royce pioneers the power that matters to connect, power
and protect society. We have pledged to achieve net zero greenhouse
gas emissions in our operations by 2030 (excluding product testing)
and joined the UN Race to Zero campaign in 2020, affirming our
ambition to play a fundamental role in enabling the sectors in
which we operate achieve net zero carbon by 2050.
2. Rolls-Royce has customers in more than 150 countries,
comprising more than 400 airlines and leasing customers, 160 armed
forces and navies, and more than 5,000 power and nuclear
customers.
3. Annual underlying revenue was GBP10.95 billion in 2021,
underlying operating profit was GBP414m and we invested GBP1.18
billion on research and development. We also support a global
network of 28 University Technology Centres, which position
Rolls-Royce engineers at the forefront of scientific research.
4. Rolls-Royce Holdings plc is publicly traded company (LSE:
RR., ADR: RYCEY, LEI: 213800EC7997ZBLZJH69)
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
BOADDGDDUBDDGDX
(END) Dow Jones Newswires
February 24, 2022 02:05 ET (07:05 GMT)
Rolls-royce (LSE:RR.)
Historical Stock Chart
From Mar 2024 to Apr 2024
Rolls-royce (LSE:RR.)
Historical Stock Chart
From Apr 2023 to Apr 2024