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Aircraft engine manufacturing company Rolls-Royce on Wednesday announced the appointment of Warren East, the most successful technology executives of the UK, as its Chief Executive Official.
East will succeed incumbent CEO John Rishton who is retiring in July after four years of service.
With East’s appointment, the company is expecting to restore its fortunes after being marred by declining profits, job cuts and canceled orders for almost a year.
East held the post of chief executive of ARM from 2001 to 2013. During his tenure, he has overseen the company’s expansion as a leading microchips developer for the likes of tech giants Apple and Samsung.
He was associated with Rolls-Royce as a non-executive director since January 2014.
Rolls-Royce shares increased to an eight-month high during early trading. JP Morgan upgraded the company’s stock to “hold” from “underweight”.
According to the analysts at JP Morgan, 53-year-old East would bring a revamped vigor to the civil aviation engines development and also to the challenges posed by the shrinking budgets of the western defense and a lower price of oil that has squeezed the customers’ participation in the oil gas and marine sectors.
Excited over the new role, East said that it was a golden opportunity that he could not refuse.
“The transformations absolutely need to continue and be driven through to conclusion,” East said before starting the new innings.
He, however, refused to provide details about his strategy before he finally takes over the new role.