David Smith appointed as Chief Financial Officer

RNS Number : 1220W

Rolls-Royce Holdings plc

04 November 2014

 

4 November 2014

DAVID SMITH APPOINTED AS ROLLS-ROYCE CHIEF FINANCIAL OFFICER

Rolls-Royce announced today that David Smith has been appointed as Chief Financial Officer and a Director of Rolls-Royce Holdings plc. He takes up his new role with immediate effect, replacing Mark Morris who has decided to leave the company after 27 years, serving most recently as Chief Financial Officer since January 2012.

David Smith joined Rolls-Royce earlier this year, and is currently Chief Financial Officer of the Aerospace Division. David spent the first 25 years of his career at Ford where he held a number of senior positions including Chief Financial Officer and subsequently Chief Executive Officer at Jaguar Land Rover, before he moved to the technology company, Edwards Group as Chief Financial Officer.

He said: "This is an exciting opportunity at an important time for Rolls-Royce. The company is well positioned in long-term growth markets, but we need to accelerate progress on our priorities: Customer, Concentration, Cost and Cash - most especially cost. I am proud to join the Board of such a great company, and look forward to playing my part in driving our financial performance".

John Rishton, Chief Executive of Rolls-Royce said:

"David has an exceptional track record as a finance leader. Since joining Rolls-Royce he has demonstrated determination, discipline and intellectual rigour. These are qualities that will be essential in returning Rolls-Royce to its long-term path of profitable growth. I am grateful to Mark Morris for his hard work over many years and wish him well for the future".

David Smith is a non-executive director of Motability Operations Group plc. Shares in Motability Operations Group plc are not publicly listed but the company has debt instruments listed on the main market of the London Stock Exchange. He was previously a director of Edwards Group Limited. There are no other details to disclose relating to David Smith under paragraph 9.6.13 of the Listing Rules.

For further information, please contact:

Investors:                                                                              Media:

Jilinda Crowley                                                                        Richard Wray

Acting Director - Investor Relations                                        Director of External Communications

Rolls-Royce plc                                                                      Rolls-Royce plc

Tel: [phone]                                                       Tel: [phone]

[e-mail]                                             [e-mail]

About Rolls-Royce Holdings plc

1.   Rolls-Royce's vision is to create better power for a changing world via two main business segments, Aerospace and Land & Sea. These business segments address markets with two strong technology platforms, gas turbines and reciprocating engines.

2.   Aerospace comprises Civil Aerospace and Defence Aerospace. Land & Sea comprises Marine, Nuclear & Energy and Power Systems. On 6 May 2014 Rolls-Royce announced it had signed an agreement to sell its Energy gas turbine and compressor business to Siemens for a £785m cash consideration. On completion, expected before the end of December 2014, Rolls-Royce will receive a further £200 million for a 25 year licensing agreement.

3.   Rolls-Royce has customers in more than 120 countries, comprising more than 380 airlines and leasing customers, 160 armed forces, 4,000 marine customers, including 70 navies, and 1,600 energy and nuclear customers.

4.   Our business is focused on the 4Cs:

·     Customer - placing the customer at the heart of our business

·     Concentration - deciding where to grow and where not to

·     Cost - continually looking to increase efficiency

·     Cash - improving financial performance.

5.   Annual underlying revenue was £15.5 billion in 2013, around half of which came from the provision of aftermarket services. The firm and announced order book stood at £70.4 billion at 30 June 2014.

6.   In 2013, Rolls-Royce invested £1.1 billion on research and development. We also support a global network of 31 University Technology Centres, which position Rolls-Royce engineers at the forefront of scientific research.

7.   Rolls-Royce employs over 55,000 people in 45 countries. Over 17,000 of these are engineers.

8.   The Group has a strong commitment to apprentice and graduate recruitment and to further developing employee skills. In 2013 we employed 379 graduates and 288 apprentices through our worldwide training programmes. Globally we have over 1,000 Rolls-Royce STEM ambassadors who are actively involved in education programmes and activities; we have set ourselves a target to reach 6 million people through our STEM outreach activities by 2020.

 

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