Rolls-Royce Begins Search for Successor to Chairman: Sky

(Bloomberg) --

The board of Rolls-Royce Holdings Plc has begun the process of identifying a successor to Chairman Ian Davis, Sky News reported.

The search is at a very early stage and an appointment is unlikely to be announced until well into next year, it said, without revealing where it got the information. Davis joined the British jet-engine maker in 2013.

“The chairman will have served nine years in March 2022 and it is best practice that he will stand down by then,” Rolls-Royce said in an emailed statement. “The board will ensure an orderly transition.”

Rolls-Royce’s engine business has been dealt a heavy blow by the coronavirus-induced aviation slowdown, with the wide-body jets in which it specializes hardest hit. Its shares have halved in value this year. On Friday, Chief Executive Officer Warren East mapped out a future for the company, including a return to the small airliner market and an increased emphasis on green power.

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