Rolls-Royce Group said CEO John Rose will step down at the end of March after more than 14 years in charge of the company.

Rose turned Rolls-Royce into the world's second-biggest aircraft engine maker, Bloomberg News said. John Rishton, who is currently CEO at retailer Royal Ahold NV, will replace Rose.

Rishton is currently a non-executive director at Rolls-Royce and was previously CFO of British Airways. Rose is stepping down to retire.

Under Rose's leadership, Rolls-Royce's order book grew to £58.3 billion ($92.56 billion) in 2009, from £10.4 billion in 1998, Sandy Morris, an analyst at Royal Bank of Scotland Plc, told Bloomberg News.

"It's been an extraordinary story," Morris said.

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