Chief operating officer steps down as Rolls-Royce powers on
MIDLANDS-based power systems giant Rolls-Royce expects to see good growth for the rest of the year.
In an interim management statement the firm said current trading is consistent with the guidance it provided at the time of its half-year results in July.
“We continue to invest in future growth. Guidance for the business segments remains unchanged except for marine where, due to the phasing of deliveries, underlying revenue is now expected to be broadly flat,” it said.
“The group’s balance sheet remains strong with good liquidity through cash and debt maturities that are well spread through 2019.”
Since the half-year results, Rolls-Royce has signed a US$2.6 bn contract with Singapore Airlines to power 20 Airbus A350s and 5 Airbus A380s and agreed an order for the US Navy to power its future fleet of ship to shore connector hovercraft in a programme of up to 73 craft.
It also opened its first US Defence Operations Centre in Indianapolis.
Meanwhile, Rolls-Royce has announced today that chief operating officer Mike Terrett has decided to retire at the end of the year.
Terrett has worked for Rolls-Royce for 34 years and has been instrumental in shaping the current success of the business.
An engineer, started as a graduate apprentice in Derby in 1978. He has succeeded in many roles since then, including as the chief engineer on the Trent 800 programme, president and CEO, international aero engines (IAE) and president of civil aerospace. He was appointed chief operating officer and a member of the Rolls-Royce Board in 2007.
John Rishton, CEO of Rolls-Royce, said: “I would like to thank Mike for his leadership, the enormous contribution he has made to Rolls-Royce over many years and for the personal support he has given to me.”
