PGHA4R Rolls Royce engine of Boeing 787 Dreamliner in Aviation Pavilion of Museum of Flight, Seattle, USA

British aero-engine maker Rolls-Royce Holdings Plc is beginning a search for its next chairman, Sky News reported on Saturday.

Rolls-Royce’s board has begun the process of identifying a successor to Ian Davis, the report bit.ly/3m849jn said, adding an appointment was unlikely to be announced until well into next year.

“The chairman will have served nine years in March 2022 and it is best practice that he will stand down by then,” Rolls-Royce told Reuters in an emailed statement.

“The Board will ensure an orderly transition.”

Davis was appointed as chairman in May 2013, according to the company’s website.

The company has also been forced into a search for a new finance chief following Stephen Daintith’s resignation to join Ocado, the online grocer, the report added.

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