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Posted On: 07/26/2022 9:11:37 AM
RLLCF .007 NEWS
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Rolls Royce Names This PE Partner As New Chief From January; Analysts Give Thumbs Up
BENZINGA 7:51 AM ET 7/26/2022
Symbol Last Price Change
RYCEF 1.107down 0 (0%)
BP 28.12up 0 (0%)
QUOTES AS OF 12:00:00 AM ET 07/25/2022
Rolls Royce Holdings plc (OTC:RYCEY) named Tufan Erginbilgic, a private equity partner and former BP plc (NYSE: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.
All Content and Data provided by Third-Parties — Terms of Use
Rolls Royce Names This PE Partner As New Chief From January; Analysts Give Thumbs Up
BENZINGA 7:51 AM ET 7/26/2022
Symbol Last Price Change
RYCEF 1.107down 0 (0%)
BP 28.12up 0 (0%)
QUOTES AS OF 12:00:00 AM ET 07/25/2022
Rolls Royce Holdings plc (OTC:RYCEY) named Tufan Erginbilgic, a private equity partner and former BP plc (NYSE: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.
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