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Warren East News

17 Oct 2023

Rolls-Royce to Cut Up to 2,500 Jobs

© thomathzac23 / Adobe Stock

Rolls-Royce (RR.L) said on Tuesday it would cut up to 2,500 jobs as its new chief executive seeks to build a more efficient business, the latest boss to attempt to revamp one of Britain's most prestigious engineering companies.Over the last decade, Rolls-Royce, whose engines and systems are used on the Airbus A350 and Boeing 787 as well as ships, submarines and in power generation, has been through several restructurings, axing more than 13,000 jobs.Tufan Erginbilgic, who took over in January, is the latest CEO to try to tackle the company's inefficiencies.

26 Jul 2022

Rolls-Royce Names Erginbilgic CEO

Tufan Erginbilgic (Photo: Rolls-Royce)

Rolls-Royce named former BP executive Tufan Erginbilgic as its new chief executive to replace outgoing boss Warren East, a move analysts say will help drive profits at the British engine maker.East, whose seven years at Rolls were marked by costly troubles with the blades on its engines and the COVID-19 pandemic, will step down at the end of this year, with Erginbilgic taking over on Jan.

17 Jun 2021

Rolls-Royce Outlines Plans for Net Zero Emissions by 2050

© thomathzac23 / Adobe Stock

Britain's Rolls-Royce, which makes engines for planes and ships, outlined plans to reach net zero emissions by 2050 through investing more in decarbonizing technologies and, in the short term, using more sustainable aviation fuel.Major companies are under increasing pressure from investors and climate change activists to report the emissions that result when customers use their products.Rolls-Royce chief executive Warren East said that made decarbonizing a particularly "challenging…

15 Jun 2018

Rolls-Royce Chief Sets Ambitious Targets

Rolls-Royce CEO Warren East (Photo: Rolls-Royce)

Rolls-Royce (RR.L) said it would exceed its 2020 guidance as it announced new ambitious mid-term goals, sending its shares to four-year highs and reflecting investor faith that CEO Warren East can transform Britain’s best known engineering firm.The maker of engines for civil planes, military jets and ships has been in turnaround mode since 2015. Having on Thursday announced plans to cut 4,600 jobs as part of cost-saving measures, it told shareholders on Friday the foundations…

09 Apr 2018

Woodward Buys L’Orange from Rolls-Royce

(Photo: L’Orange)

Britain's Rolls-Royce said it had agreed to sell its Germany-based diesel parts maker L'Orange to U.S.-based engineering company Woodward Inc for 700 million euros ($859 million), as part of a plan to simplify its business. Rolls CEO Warren East has been trying to streamline the company during his nearly three years in charge as part of a turnaround plan to counter declines in some of its older aero-engine programmes and plunging demand for oil equipment. The company said on Monday that L'Orange would continue as a key supplier to its power systems business…

18 Jan 2018

Rolls-Royce Mulls Sale of Commercial Marine Unit

Industrial conglomerate Rolls-Royce is considering selling the bulk of its struggling marine business as the company embarks on another restructuring which aims to further slash costs. "We are embarking on a further simplification of the business, including the evaluation of strategic options for our Commercial Marine operation and a reduction from five operating businesses to three core units based around Civil Aerospace, Defence and Power Systems," said a press release from the company. As part of this exercise, the British maker of engines plasn to consolidate our Naval Marine and Nuclear Submarines operations within its existing Defence business, and Civil Nuclear operations within its Power Systems business.

17 Jan 2018

Rolls-Royce Shares Jump as Commercial Marine Unit Sale Mulled

Britain's Rolls-Royce said on Wednesday it was considering the sale of its commercial marine business, which has been hit by weak demand in offshore oil and gas markets, as part of a restructuring of the company into three core units. Shares in the company jumped after it said the loss-making unit could be sold. They were trading up 7.2 percent at 1330 GMT. The announcement came as part of a restructuring of the aero-engine maker into civil aerospace, defence and power systems units, with naval marine and nuclear submarines consolidated into defence and civil nuclear into power systems. Chief Executive Warren East said the latest overhaul would enable the company to respond quicker to meet the needs of its customers…

01 Dec 2016

Rolls-Royce to Cut Another 800 Jobs at Marine Unit

British engineering company Rolls-Royce said it would cut a further 800 jobs in its marine business to save an extra 50 million pounds ($63 million) a year, responding to weak demand from shipping and energy customers. The marine business, which depends on oil and gas-related customers for about 60 percent of its business and currently employs about 4,800 people with its main operations in Norway, has seen weak demand for new equipment and lower maintenance revenues as customers use their vessels less. Rolls, which has been cutting costs for three years to make the marine unit more competitive, said the cuts were part of a plan to save between 45 million pounds and 50 million pounds on an annualised basis from the middle of next year.

16 Nov 2016

Rolls-Royce CEO Says Not Happy with Pace of Change

Warren East (Photo: Rolls-Royce)

The boss of Rolls-Royce wants to speed up change at the British engine maker, which is battling to recover from a string of profit warnings, saying more needed to be done to increase the group's resilience in the face of uncertain conditions. The British company, which makes engines for fighter jets, commercial aircraft, ships and nuclear submarines, is one year into a programme to cut costs and simplify operations after a slowdown in several markets hit profits. Chief Executive Warren East said cost savings would be towards the top of his target range, but he was not complacent.

03 Nov 2016

Schell, Appointed CEO, Rolls-Royce Power Systems

Rolls-Royce announces today that Andreas Schell has been appointed as Chief Executive Officer (CEO) of Rolls-Royce Power Systems (RRPS). Andreas will join Rolls-Royce later this year, reporting to Chief Executive Warren East, and take up his new position from 1 January 2017, succeeding Dr Ulrich Dohle who is retiring. Andreas has a wealth of international leadership expertise, running large complex organisations involved in high-technology engineering across a number of sectors including aerospace and automotive in Germany, the UK and US. He has experience in operational transformation programmes, strategy and the development of new business models, products and markets.

22 Sep 2016

Daintith Named CFO, Rolls-Royce

Rolls-Royce announced that Stephen Daintith has been appointed Chief Financial Officer and as an executive director of Rolls-Royce Holdings plc. Stephen will take up his new role in 2017, succeeding David Smith who will leave Rolls-Royce after three years to pursue other business interests. Stephen Daintith is currently Chief Financial Officer of Daily Mail & General Trust plc. Previously he was employed by News International as Chief Financial Officer and Chief Operations Officer of Dow Jones & Co. His earlier career was spent working internationally in a number of senior positions at British American Tobacco, also at Forte, the Civil Aviation Authority and PriceWaterhouse Coopers.

16 Dec 2015

Sr Management Restructuring at Rolls Royce

Rolls-Royce is today announcing a new senior management structure as the first step in the wide-ranging restructuring announced on 12 November 2015. The move will simplify the organisation, drive operational excellence and reduce cost; ensuring Rolls-Royce is better placed to deliver long-term profitable growth. The current divisional structure of Aerospace and Land & Sea will end, removing a layer of senior management. From 1 January 2016, Rolls-Royce will operate as five market facing businesses, with the Presidents of Civil Aerospace, Defence Aerospace, Marine, Nuclear and Power Systems reporting directly to the Chief Executive. Our Civil Aerospace business will comprise of our merged Civil Large Engines (CLE) and our Civil Small and Medium Engines (CSME) businesses.

24 Nov 2015

Rolls-Royce Targets Costs and Complexity in Quest for Growth

Warren East (Photo: Rolls-Royce)

Rolls-Royce's new chief executive aims to strip out costs and complexity, rather than selling off chunks of the business, as he seeks to return the British engine company to growth. After four profit warnings in just over a year, and with an activist shareholder pushing for change, Warren East is under pressure to outline a revival strategy after spending much of his first four months in the job in firefighting mode. "The notion that we're going to sell big chunks is just wrong," East told reporters on a call, although he did not rule out change in the longer term. U.S.

05 Oct 2015

Rolls-Royce to Cut More Staff of Marine Unit

Warren East (Photo: Rolls-Royce)

Britain's Rolls-Royce said it would cut an additional 400 staff from its marine business by the end of next year, its latest move to make the unit more efficient and cope with a fall in orders sparked by lower oil prices. The marine unit, which depends on oil and gas-related customers for about 60 percent of its business, has seen some of its orders cancelled in the past 16 months as the price of Brent crude collapsed to six-year lows. Rolls-Royce had already announced in May that it would cut 600 jobs in its marine business…

30 Jul 2015

Rolls-Royce Takes Davies on Board

Rolls-Royce appointed Alan Davies as a Non-Executive Director. He will join the Board with effect from November 1, 2015 and will become a member of the Nominations and Governance Committee, and the Audit Committee. Alan Davies is currently Chief Executive of Rio Tinto's Diamonds and Minerals division. He joined Rio Tinto in 1997 and has held a number of senior positions in Australia, London and the US, predominantly in Rio Tinto's Iron Ore product group where he has served as CFO, Managing Director Global Development and as President International Operations. Alan Davies is a Fellow of the Institute of Chartered Accountants in Australia. Ian Davis, Rolls-Royce, Chairman, said, "I am delighted that Alan Davies will be joining us as a Non-Executive Director.

18 May 2015

Rolls-Royce Marine Unit to Cut 600 Jobs

Photo: Rolls-Royce

British engineering group Rolls-Royce (RR.L) said it would cut 600 jobs in its Norwegian-focused marine business in response to the lower oil price, a move it said would have a "broadly neutral" impact on 2015 profits. Rolls-Royce is in the middle of a cost-saving plan in its aero-engines business and headquarters, axing 2,600 jobs, and the streamlining of its marine business comes after a year of profit downgrades and cancelled orders. The company said that from 2016, the job cuts in marine would help generate 25 million pounds of benefits.

22 Apr 2015

East to Succeed Rishton as Rolls-Royce CEO

John Rishton will retire as chief executive of Rolls-Royce on July 2, 2015 and will be succeeded by Warren East, whose appointment follows an extensive international search, the company announced today. Warren East was CEO of ARM Holdings from 2001 to 2013. Warren has been a nonexecutive director of Rolls-Royce since January 2014, also serving as a nonexecutive director on the boards of BT, De La Rue, Dyson, Micron Inc. and Digital Catapult. His intention is to stand down from all but one of his current roles as a nonexecutive Director, in line with Rolls-Royce company policy. Commenting on his appointment, East said, “[Rolls-Royce] is well positioned in growth markets, with world class engineering skills and a proud record of innovation and delivery.