Ward, chairman and CEO of Rolls-Royce, will leave 'during 1995 to pursue other interests,' parent company Vickers PLC said.
Ward's departure came on the heels of an announcement that BMW AG will supply engines for the next generation of Rolls and Bentley models. (See story above.)
Under Ward and then-Managing Director Michael Donovan, Rolls turned from heavy losses to a small profit in 1993 and a projected profit again this year. Donovan quit Rolls in August to head Avro International, a subsidiary of British Aerospace. At that time, Ward assumed Donovan's duties.
'Following the successful conclusion of our agreement with BMW, which underpins the long-term future of Rolls-Royce Motor Cars, Peter (Ward) will be pursuing further challenges outside the company,' said Colin Chandler, Vickers chief executive.
Woodwark takes his new position on Jan. 1. Ward will remain as chairman for a transition period, the company said.
Woodwark left Rover Group in August 1993 to become chief executive of Cosworth Engineering, another Vickers subsidiary. In early 1994, BMW bought Rover.
At Rover, Woodwark was responsible for sales, project development and management, and overseas subsidiaries, including Land Rover North America.