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Bloomberg
Rolls-Royce Holdings CEO Warren East will step down at the end of this year, after leading the engine maker through a punishing period capped by the Covid-19 pandemic.
The board will conduct a search for a successor for East, a former technology executive who struggled to make Rolls a more efficient operation even before the virus hit in 2020.
The announcement comes as Rolls reported it turned a profit in 2021, spurred by cost cuts implemented by East and a restart of long-distance travel that had eaten into jet-engine revenue.
Underlying profit reached $559 million for the year, the London-based company said in a statement.
Cash burn was better than previously forecast.
Rolls has been selling assets and eliminating jobs to stem the outflows amid a two-year downturn in demand for air travel caused by Covid.
The pandemic starved the company of maintenance revenue, as flying in the large planes its engines power has been slowest to recover.
Free cash outflows totalled 1.5 billion pounds, Rolls said.