John Rishton will retire from the top post on July 2 to be replaced by Warren East, a non-executive director at the company and former chief executive of British semiconductor manufacturer ARM Holdings.
"I am delighted to be appointed as chief executive of Rolls-Royce," East said in a statement.
"It is well positioned in growth markets, with world class engineering skills and a proud record of innovation and delivery."
Rishton said that after 14 years as a chief executive and chief financial officer it was "time for a change in lifestyle".
He added: "We have made good progress transforming Rolls-Royce and have a strong team in place. While there is clearly more to do, the company is better placed to face the future."
Rolls last week said it had won a contract from Dubai's Emirates Airline worth a record $9.2bn to supply and maintain Trent 900 engines for 50 Airbus A380 superjumbos. The deal is the biggest ever for Rolls-Royce and one of the largest ever export orders for a UK-based company.
It was a major boost after the company in February slashed its earnings forecasts, blaming tumbling oil prices which have hurt revenues at Rolls' marine offshore division.
Source: AFP
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