Gadhia, who has held senior roles at Blackstone, Barclays Capital and ABN AMRO, will join the Rolls-Royce board in April.

Experienced non-executive Frew joins the board next month and will succeed Sir Ian Davis as chair in October.

Sir Gerry Grimstone is to leave Standard Life Aberdeen, while it looks to recruit a tech-focused director; RELX finance chief joins Rolls-Royce as a non-executive.

The Serious Fraud Office begins another investigation into a defence and aerospace manufacturer; this time it follows the voluntary handover of information from Chemring.

US Department of Justice publishes charges of foreign bribery against three former Rolls-Royce executives and two consultants.

KPMG’s audit of scandal-hit engine maker Rolls-Royce has come under scrutiny by the Financial Reporting Council.

Rolls-Royce was once the darling of the aerospace sector. But heavy financial losses and a corruption scandal present challenges for the new CEO, and sheds light on risks and behaviour in the defence industry.

Reputation and strategy are two sides of the same coin. Prioritise reputation and it should determine a sensible strategy that rejects the short term.

A report from the Investor Forum predicts that stewardship will go through a “comprehensive review” in 2017.

Engineering company reaches agreement with the Serious Fraud Office, the US Department of Justice and Brazil’s Ministério Publico Federal.