Rolls-Royce chairman Ian Davis has signed up for a second three-year stint at the aero-engine manufacturer.
Davis, who started in the role in 2013, had his contract renewed in February until March 2019. Last July, he appointed the Derby-based firm’s present chief executive, Warren East, who has been praised for stabilising the company after a challenging few years.
The company, once famous for its prestige cars, is now a major supplier of aero-engines to both military and civil aircraft.
It also provides power-generating turbines to the marine and energy markets.
In Davis’ first three years as chairman, Rolls-Royce put out five profit warnings and enacted a slew of senior management job cuts in a bid to save between £150m-200m.
Its share price fell to a four-year low in February after the fifth profit warning was released.
Chief executive Warren East said: "Ian has brought tremendous insight to the board, based on his many years of experience in global business. He has significantly strengthened the board and has been great to work with.
"I could not be more pleased that he has been asked to stay with Rolls-Royce for another three years as we press ahead with our transformation."