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Rolls-Royce CEO John Rose to step down

Rose had turned down an offer to become Britain's trade minister in David Cameron's government.

Rolls-Royce CEO John Rose will step down in March next year.

His successor, John Rishton, is an aircraft engine industry insider. Rishton, who is currently the CEO of Dutch retailer Royal Ahold, has been a non-executive director of Rolls-Royce since 2007. He also heads the aircraft engine manufacturer's audit committee.

John Rose, who served for 14 years at the helm of Rolls-Royce, is likely to receive offers to sit on the boards of Britain's leading companies after retirement.

Rose had turned down an offer to become Britain's trade minister in Prime Minister David Cameron's government. The post was eventually taken up by HSBC's Stephen Green. Rose is known as the man who turned around Rolls-Royce, making the company a global leader in aerospace technology.

Business Secretary Vince Cable called Rose a "champion of British advanced manufacturing" and thanked him for the contribution he made to the industry and to the government by growing the company's global market share.