Rolls-Royce chief executive John Rishton will be replaced by Warren East after his retirement on July 2.

John Rishton, who has been at the company since 2011, said it was “time for a change in lifestyle”.

Warren East was head of UK chipmaker Arm Holdings between 2001 and 2013 and has been a non-executive director at Rolls-Royce since the beginning of last year.

He helped turn Arm into a leading developer of chips to major technology companies such as Apple.

Warren East said he was “delighted” to be appointed as the new chief executive.

“[Rolls-Royce] is well positioned in growth markets, with world-class engineering skills and a proud record of innovation and delivery.

“The markets which Rolls Royce serves and the technology it deploys are fascinating. This is a wonderful opportunity and I am very much looking forward to leading this remarkable company.”

John Rishton said: “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.”