Rolls-Royce chief retires

Rolls-Royce's chief executive Sir John Rose is to retire after 14 years at the helm of the engine-maker.

Sir John, who has been with the company for almost three decades, will be succeeded by John Rishton, currently chief executive of the Dutch retail giant Ahold.

Rishton is also a former chief financial officer at British Airways.

Chairman Sir Simon Robertson said Sir John had transformed the company in a way that had "few parallels".