Rolls-Royce PLC
31 October 2002
31 October 2002
Rolls-Royce names new Finance Director
Rolls-Royce today (31 October 2002) announced that Andrew Shilston is to become
its new Finance Director with effect from 1 January 2003.
He will succeed Paul Heiden, who announced in July his intention to leave
Rolls-Royce at the end of 2002 to become Chief Executive of the engineering
group FKI plc. To ensure a smooth handover of responsibilities, Andrew Shilston
will join Rolls-Royce in November 2002. He will join the Rolls-Royce Board, as
an executive director, with effect from 1 January 2003 when he takes up his new
role.
Andrew Shilston was Finance Director of Enterprise Oil plc from 1993 until 2002
when the company was bought by Shell.
Commenting on the appointment, Rolls-Royce Chief Executive John Rose said: 'Over
the past few years we have been progressively building a strong executive team
with a wide range of experience from both inside and outside the company. Andrew
is a welcome addition to that team and I look forward to working with him.'
Note to editors:
Andrew Shilston was born in Abingdon in October 1955. He attended Oxford
University, where he received an MA in Engineering Science in 1977.
Following university he trained as an accountant before joining BP as a
financial analyst. In 1983 there followed a brief period as a Financial Planning
Manager with the health care company Abbott Laboratories. He joined Enterprise
Oil as Corporate Accounting Manager in 1984, becoming Deputy Group Treasurer in
1987 and Group Treasurer in 1989. He joined the board of Enterprise Oil as
Finance Director in 1993.
He has been a non-executive director of AEA Technology plc since 1996. He is a
member of the Association of Corporate Treasurers and of the Institution of
Chartered Accountants in England and Wales.
Andrew Shilston lives in Kent and is married with three teenage children.
Rolls-Royce plc operates in four growth markets - civil aerospace, defence
aerospace, marine and energy. It is a global company investing in technology
and capability that can be exploited in each of these sectors to create a
competitive range of products.
The success of these products is demonstrated by the company's rapid and
substantial gains in market share over recent years. As a result, engine
deliveries have grown to a total of 54,000 gas turbines in service worldwide.
The investments in product, capability and infrastructure to gain this market
position create high barriers to entry.
Rolls-Royce has a broad customer base consisting of more than 500 airlines,
4,000 corporate and utility aircraft and helicopter operators, 160 armed forces
and more than 2,000 marine customers, including 50 navies. The company has
energy customers in nearly 120 countries. Rolls-Royce employs around 39,000
people worldwide, including 23,500 in the UK, 5,000 in the rest of Europe and
8,000 in North America.
Most of the engines in service will have operational lives of 25 years or more,
generating an assured aftermarket demand for the provision of spare parts and
services. The company's strategy is to maximise aftermarket revenues through
the development of a comprehensive services capability.
Annual sales total around £6 billion of which over 40 per cent currently comes
from aftermarket services. The order book stands at more than £19 billion,
which, together with aftermarket demand, provides visibility as to future
activity levels.
For further information, please contact:
Colin Duncan
Director of Corporate Communications
Rolls-Royce plc
Tel: +44 (0) 207 222 9020
Email: colin.duncan@rolls-royce.com
Website: www.rolls-royce.com
This information is provided by RNS
The company news service from the London Stock Exchange
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