- Rolls Royce Holdings plc RYCEY named Tufan Erginbilgic, a private equity partner and former BP plc BP executive, to succeed Warren East as the CEO, effective January 1.
- East, on February 24, disclosed his intention to step down at the end of this year.
- Erginbilgic, 62, is a partner at Global Infrastructure Partners, a private equity firm that focuses on large-scale investments in infrastructure businesses.
- “He has extensive strategic and operational experience and a firm understanding of safety-critical industries, including aerospace, as well as the challenges and commercial opportunities presented by the drive for low-carbon technologies,” Chair Anita Frew added.
- Erginbilgic, a dual U.K. and Turkish national, will receive a base salary of £1.25 million.
- In 2020 Rolls Royce embarked on a sweeping restructuring plan to cut 9,000 jobs and had to boost its balance sheet with £7.3 billion of new equity and debt as the pandemic hit its operations, the Financial Times reports.
- Erginbilgic will need to steer Rolls-Royce back and navigate the decarbonization threat.
- Under CEO East, the company has invested in electric aircraft and small modular nuclear reactors.
- Analysts at Deutsche Bank said the news was “neutral to positive” for the group because it clarified the leadership issues at the helm.
- While Erginbilgic had “limited aerospace experience, he appears to be a seasoned industry professional with extensive experience in delivering strong improvement in profitability,” they added.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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