CHOCKS AWAY. Rolls-Royce’s chief executive chose a good moment to double down on the struggling aero-engine maker. Over the next three years, Warren East will receive 30% of his base pay in shares, according to the 8 billion pound firm’s annual report released on Thursday. That ties his personal fortunes more closely to those of his employer. Happily for East, his declaration of faith coincided with another vote of confidence from Exor Chairman John Elkann. In his annual letter to shareholders, the Agnelli family scion revealed that over the course of 2020 the investment vehicle had taken a stake in Rolls, whose market value plunged to nearly 3 billion pounds in October as it sought 2 billion pounds from shareholders. Elkann praised East’s “decisive” crisis management and said that Rolls was well placed for recovery as airlines get back in the sky and the engineer’s maintenance revenue returns. So far, their faith is paying off – Rolls’ shares rose 4%. (By Ed Cropley)