26th Jul 2022 08:34
(Alliance News) - Roll-Royce Holdings PLC on Tuesday said it has hired former BP PLC Executive Tufan Erginbilgic as its new chief executive officer.
Erginbilgic will take up his new role on January 1, succeeding Warren East who had previously announced his intention to step down at the end of this year. East has spent nine years on the board and almost eight years as CEO of the jet engine maker.
Erginbilgic is currently a partner at Global Infrastructure Partners, a private equity firm which focuses on large-scale investments in infrastructure businesses.
He has also spent over 20 years at BP, including five as part of its executive team. In his last role before leaving in 2020, Erginbilgic led BP's downstream business, which included Refining, Petrochemicals, Service Station Network, Lubricants, Midstream operations and the Air BP jet fuel operation.
"During Erginbilgic's tenure, the business was transformed, achieving record profitability and delivering record-setting safety performance," Rolls Royce added.
Commenting on Erginbilgic's appointment, Rolls-Royce Chair Anita Frew said: "He is a proven leader of winning teams within complex multinational organisations, with an ability to drive a high-performance culture and deliver results for investors.
"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," Frew added.
Shares in Rolls-Royce were up 0.9% to 92.81 pence each in London on Tuesday morning.
By Sophie Rose; [email protected]
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