Lots of board-level turbulence at Rolls-Royce today as it emerges that Mark King, head of the engine maker's areospace division, has resigned.
King, who has worked for the company since 1986 in a variety of roles, was the head of R-R's civil aerospace division before being promoted to president of entire aerospace business in January this year. He will leave the company in June.
King's resignation lands in the wake of a Serious Fraud Office investigation into allegations that Rolls-Royce executives paid bribes to win aerospace engine contracts in Indonesia and China. The engine maker has also now hired Conservative peer Lord Gold to compile a report on its compliance procedures.
Rolls-Royce announced the news of King's departure in a stock market statement but gave no reasons for his leaving. He will be replaced by Tony Wood, who is head of the marine business. Rolls-Royce added that trading in the first quarter of its financial year has been 'consistent with expectations'.
Meanwhile, over at Royal Dutch Shell, Voser's imminent departure will come as an even greater shock. Voser is ending three decades of loyal service at the energy giant just as Shell posts a surprise 4% rise in first-quarter profits to $8bn (£5.1bn). Analysts has expected a slump of up to 18%. Talk about leaving on a high.
'After such an exciting executive career I feel it is time for a change in my lifestyle and I am looking forward to having more time available for my family and private life in the years to come,' he said, adding that he intends to remain 'engaged in the business community through a limited number of non-executive roles outside Shell' as well as continuing his not-for-profit work.
Shell has yet to announce his replacement. Although MT is fairly certain it won't be Mark King...