Rolls chief Rose sets retirement date

30th Sep 2010 07:23

Sir John Rose is retiring as chief executive at Rolls-Royce after 14 years in the job and 26 years at the aero-engine maker, handing over to non-executive director John Rishton in March next year.Colleagues will be sad to see him go. "John has led a transformation in Rolls-Royce which has few parallels," chairman Simon Robertson said. "It has been his leadership, strategic vision and tenacity which has made this extraordinary achievement possible."Rishton, currently running Dutch retail group Royal Ahold, is "an excellent choice" to fill the void, Rose, 57, said.The 52-year-old was finance boss at British Airways before he joined Ahold in 2006. He has also held various top jobs at car giant Ford.He's also in line for a generous package of pay and bonuses. Rishton will take home a basic annual salary of £850,000, but if all goes well bonuses will add another £1.3m and shares a further £1m. There's also a generous executive pension scheme.Ahold has said Dick Boer, currently its chief operating officer, will step into Rishton's shoes.