Rolls-Royce wins largest ever order from Emirates; CEO John Rishton to retire

Apr 22, 2015 (LBO) - Jet engine maker Rolls-Royce on Wednesday announced the retirement of its Chief Executive soon after the company won its largest ever order from Emirates. Warren East who was the CEO of ARM Holdings from 2001 to 2013 is to succeed John Rishton as chief executive of Rolls-Royce with effect from July, the company said in a statement. “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." Rishton said. During his tenure profits have increased by 69 percent, the order book has grown by 24 percent and the share price has risen 63 percent, Ian Davis, Chairman of Rolls-Royce, said. The resignation came soon after Rolls-Royce won its largest ever order, worth 9.2 billion US dollars, to provide Trent 900 engines and TotalCare service support to Emirates. The engines will power 50 Airbus A380 aircraft that will enter service from 2016. The Trent 900 powered the first commercial A380 in 2007 and is now used by eight operators on more than 70 aircraft, having logged over 4 million in-service flight hours. The engine offers the lowest lifetime fuel burn, with the latest version including technology developed for the Trent XWB and Trent 1000 engines, the company said in a statement.