[Asia Economy Reporter Yujin Cho] Rolls-Royce, the British aircraft engine manufacturing group, has appointed a female chairperson for the first time in its 115-year history.
On the 9th (local time), according to Bloomberg and other sources, the Rolls-Royce board unanimously nominated Anita Frew, chairperson of the British chemical company Croda, as the next chairperson and board chair.
Anita Frew, the next chairperson, has held positions at various organizations including the Scottish Provident, the Royal Bank of Scotland, and WPP, the UK's largest advertising company, and also served as deputy chief executive of Lloyds Bank. She has been chairperson of Croda, a specialty chemicals manufacturer, for seven years since 2015.
Frew will join the board on July 1 and is scheduled to succeed Ian Davis as chairperson starting October 1.
Frew is reported to receive an annual salary of up to ?490,000 (approximately 770 million KRW) and a bonus of ?70,000 (approximately 110 million KRW). Her salary is about 25% higher than that of the current chairperson, Ian Davis.
The news agency evaluated this appointment as a personnel overhaul by Rolls-Royce to overcome management difficulties after the aviation engine manufacturing business was hit hard by the COVID-19 pandemic.
This CEO appointment also marks a new milestone in the history of the aerospace and defense industry. Nick Cunningham, a researcher at Agency Partners, said, "Female workers, especially female executives, are very rare in the aerospace and defense industry," calling this appointment highly unusual.
According to the Hampton-Alexander Review, only 11 companies among FTSE 100 have female leaders.
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