Supervisory Board Extends Contracts with Rolls-Royce Power Systems Directors

Continuity will be secured with Andreas Schell and Marcus A. Wassenberg remaining in their positions through December 2022.

At its meeting, the Supervisory Board of Rolls-Royce Power Systems AG agreed on extending the contracts of President and CEO Andreas Schell alongside CFO and HR Director Marcus A. Wassenberg. Both contracts were extended until December 2022.

“The Board of Directors at Rolls-Royce Power Systems has jointly stabilized business operations significantly over the past years to make this organization fit for the future. The recently published figures for fiscal 2018 are proof positive of this upturn,” says Axel Arendt, Chairman of the Supervisory Board. “In bringing the RRPS 2018 transformational change program to a successful conclusion, management and workforce have laid the cornerstone for the PS 2030 Strategy. Initial successes are already clearly visible. We can now continue steadily on our charted course under the ongoing aligned direction of the Board of Management.”

“We're naturally delighted by the confidence the Supervisory Board has expressed in us based on our efforts to date,” comments Schell. “The PS 2030 Strategy isn't intended to just have an impact in 10 years' time. We're already working ceaselessly – and successfully – on making the leap from engine manufacturer to turnkey solution provider. Marcus Wassenberg and I are very grateful to be able to steadily develop the company as a whole step by step. And I'm very pleased that we can continue down our chosen path with the same lineup.”

“The PS 2030 strategy aims at remodeling our whole corporate culture to make jobs at Rolls-Royce Power Systems more digital, switched on and secure,” says Wassenberg. “Andreas Schell and I, myself, are here to manage a steady progression along the road to success for the benefit of the company and the people who work here. It is as challenging as exciting to take on our tasks jointly and in close cooperation with the Executive Leadership Team (ELT).”

Schell has been on the Board of the Friedrichshafen-based engine manufacturer since January 2017, whilst Wassenberg has held office at the global player, best known for its core brand MTU, since January 2015.