Rolls-Royce announces today that John Rishton has decided to retire as Chief Executive on 2 July 2015. He will be succeeded by Warren East, whose appointment follows an extensive international search.
Warren East was CEO of ARM Holdings from 2001 to 2013. Under his leadership ARM became one of the world's leading developers of semi-conductors with an outstanding record of innovation and a strong commitment to R&D. Warren has been a Non-Executive Director of Rolls-Royce since January 2014.
Ian Davis, Chairman of Rolls-Royce, 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.
"I and all my Board colleagues would like to thank John Rishton for his commitment and leadership. We respect his decision to retire after more than four years of dedicated service. He has led the company during a period of significant growth and transformation. During his tenure profits have increased by 69%, the order book has grown by 24% and the share price has risen 63%."
Warren East said: "I am delighted to be appointed as Chief Executive of Rolls-Royce. It is well positioned in growth markets, with world class engineering skills and a proud record of innovation and delivery. 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."
John Rishton, CEO, said "After 14 years as a CEO and CFO I have decided it is time for a change in lifestyle. We have made good progress transforming Rolls-Royce and have a strong team in place. While there is clearly more to do, the company is better placed to face the future. I am sure Warren will lead the business successfully through the next phase and I wish him and everyone at Rolls-Royce well."
As well as being a Non-Executive Director of Rolls-Royce, Warren East serves as a Non-Executive Director on the Boards of BT, De La Rue, Dyson, Micron Inc. and Digital Catapult. His intention is to stand down from all but one of his current roles as a Non-Executive Director, in line with Rolls-Royce company policy.