Rolls-Royce has appointed former BP executive Tufan Erginbilgic as its new chief executive to replace outgoing Warren East, in a move analysts say will help boost profits at the British aero engine maker.
East, whose seven years at Rolls have been marred by costly engine problems and the pandemic, will step down at the end of 2022, with Erginbilgic taking over from January 1.
Analysts say Erginbilgic’s track record of delivering results as well as the energy transition makes him well-placed to lead Rolls, despite his relative lack of aerospace and defense (A&D) experience.
“While exposure to this sector still appears limited, his mix of experience in the recovery of profitability, industrial sectors and energy transition make him a very solid appointment,” notes Jefferies.
East, who announced his departure in February, has simplified Rolls by cutting management levels and costs.
Source: Capital
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