Rolls-Royce’s Chief Executive, Warren East, has decided to step down at the end of 2022, after nine years on the Board and almost eight years as CEO.
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.”
The news comes as Rolls-Royce hails an “improved financial performance driven by growth and cost reduction” in its 2021 full year results.
The company posted a profit of £124m, up from a £3.1bn loss in the year prior. Meanwhile revenue declined slightly in 2021 to £11.2bn from £11.4bn in 2020.
On the results, Warren East, Chief Executive, said: “We have improved our financial and operational performance, continued to deliver on our commitments and created a better balanced business capable of sustainable growth. We have achieved the benefits of our restructuring programme a year ahead of schedule, positioning Civil Aerospace to capitalise on increasing international travel.
“In Defence, we have seen growth driven by strong demand in all our markets and in Power Systems we achieved record order intake in the last quarter. The positive momentum we are generating gives us confidence both in our expectations for 2022 and our future growth.
“We have also made significant progress with our new businesses in electrical power and small modular reactors, both of which have the potential to create very significant long-term value.
“We are continuing to make disciplined investments to develop new and existing technologies, which will enable us to seize the significant commercial opportunity presented by the global energy transition driving sustainable returns.”
