Rolls-Royce Names BP's Ian Davis as New Chairman
By Jerin Mathew | February 14, 2013 9:26 PM EST
British aerospace company Rolls-Royce has said that Ian Davis who is also the non-executive director of BP and Johnson & Johnson will replace retiring Simon Robertson as chairman of the company.
Davis will join the company's board as a non-executive director on 1 March and assume the role of chairman at the conclusion of the annual general meeting on 2 May.
Davis worked with McKinsey & Company for more than thirty years in different capacities including chairman and worldwide managing director. He is also a non-executive member of the Cabinet Office Board.
Robertson has been working as the chairman of Rolls-Royce for the past eight years.
In December, Rolls-Royce revealed it was being investigated over allegations of bribery and corruption in Indonesia and China. The company said that the investigation by the Serious Fraud Office is going on and that veteran lawyer Lord Gold had begun reviewing the company's compliance procedures in connection with the investigation.
Rolls-Royce also reported a higher-than-expected rise in full-year profits on the back of a strong performance in its civil aerospace division.
Underlying pre-tax profit for full year 2012 rose 24 percent to £1.4bn ($2.18bn, €1.63bn) as revenues grow 8 percent to £12.2bn. Rolls-Royce was expected to post an average pretax profit of £1.37bn, according to analysts polled by Thomson Reuters.
The company's order book rose 4 percent to £60.1bn due to strong demand for its Trent XWB and Trent 1000-TEN aircraft engines. The Trent XWB engine is set to power the Airbus A350 and the latter will power Boeing 787s entering service from 2016.
"In 2013, we expect modest growth in underlying revenue and good growth in underlying profit with cash flow around break even as we continue to invest for the future," Rolls-Royce chief executive John Rishton said in a statement.
To contact the editor, e-mail:
Most Popular Slideshows
- Gennady Golovkin Next Fight Options: Canelo Alvarez, Miguel Cotto Or Julio Cesar Chavez Jr.
- NFL MNF: Pittsburgh Steelers 30, Houston Texans 23 [PHOTOS]
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
Join the Conversation
- No Mercy: ISIS, Father Stones to Death Daughter for Alleged Adultery
- iOS 8 Jailbreak Release Date is Doomed as Team Evad3rs Opts Out, Pangu Hits Snag – Report
- Boy Stoned To Death For Alleged Rape, Victim Receives Dowry From Militants
- Google Nexus 6 vs. iPhone 5S: 4 Important Things to Consider Before Switching to Android Lollipop
- Swedish Military Spots ‘Russian Submarine’ Off Stockholm Coast, An Alarming ‘Security Game Changer’
- Canada Raises National Terror Alert Level after Suspected Jihadist Runs Over Soldier
- Russia is Creating Underwater Combat Robots to Protect its Arctic Territories