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JUL 26, 2022 - 11:30 AM GMT+3
Rolls-Royce's new CEO Tufan Erginbilgiç. (Courtesy of Rolls-Royce)
https://www.dailysabah.com/business...ogress-on-afghan-reserves-but-big-gaps-remain
Tufan Erginbilgiç has been named as the new chief executive officer and an executive director of the aero-engine maker Rolls-Royce, the company announced on Tuesday.
A Former BP executive and a Turkish national, Erginbilgiç is succeeding Warren East, who is stepping down at the end of the year.
The British group, which also has defense and power-systems units, said Erginbilgiç would take up his new role on Jan. 1.
East, who announced his departure in February, simplified Rolls by cutting layers of management and costs, before steering the company through the worst of the pandemic.
The group burned through more than 5.5 billion pounds ($6.62 billion) of cash as revenue, stemming from the hours flown by its engines on aircraft, plummeted.
Erginbilgiç, a Turkish and British national with a background in engineering, spent over 20 years with the oil major, including five years as part of its executive team.
He led BP’s downstream business until he left the company in 2020, and he is currently a partner at Global Infrastructure Partners (GIP), a private equity firm that focuses on large-scale investments in infrastructure businesses and manages $81 billion for investors.
“I am honoured to be joining Rolls-Royce at a time of significant commercial opportunity and strategic evolution as its customers embrace the energy transition,” Erginbilgiç said.
“I am determined to deliver the full potential of the market positions which the company has built over many years, through its engineering excellence and innovative technology, and to build a platform for growth in order to create value for all stakeholders.”
Commenting on the appointment, chair Anita Frew said Erginbilgiç “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.”
“He has a strong track record for execution, delivery and the creation of significant value.”
Erginbilgiç, who joined BP in 1997, oversaw the expansion of the energy company’s downstream business, which includes refining, retail and petrochemicals, into electric vehicle charging, and added thousands of petrol stations in developing economies such as India and Mexico.
He also led the modernization of BP’s refining business, a highly competitive sector, including through the sale of a number of plants.
He left BP shortly after Bernard Looney was appointed CEO, a post which he contended for, along with BP’s former CFO Brian Gilvary.
Erginbilgiç is currently a non-executive director of multinational transport vehicle manufacturer Iveco Group; energy, health care and technology group DCC plc; and Turkish refinery giant Tüpraş.
Tufan will be reviewing his involvement in these positions, the company said.
Shares in Rolls-Royce, which saw their value go down by 67% during East’s seven-year tenure, were trading down 0.2% on Tuesday morning.
Erginbilgiç will receive a base salary of 1.25 million pounds, Rolls-Royce said, and he will also be awarded two tranches of shares, each worth 3.75 million pounds.
www.dailysabah.com
@Oublious
Rolls-Royce's new CEO Tufan Erginbilgiç. (Courtesy of Rolls-Royce)
https://www.dailysabah.com/business...ogress-on-afghan-reserves-but-big-gaps-remain
Tufan Erginbilgiç has been named as the new chief executive officer and an executive director of the aero-engine maker Rolls-Royce, the company announced on Tuesday.
A Former BP executive and a Turkish national, Erginbilgiç is succeeding Warren East, who is stepping down at the end of the year.
The British group, which also has defense and power-systems units, said Erginbilgiç would take up his new role on Jan. 1.
East, who announced his departure in February, simplified Rolls by cutting layers of management and costs, before steering the company through the worst of the pandemic.
The group burned through more than 5.5 billion pounds ($6.62 billion) of cash as revenue, stemming from the hours flown by its engines on aircraft, plummeted.
Erginbilgiç, a Turkish and British national with a background in engineering, spent over 20 years with the oil major, including five years as part of its executive team.
He led BP’s downstream business until he left the company in 2020, and he is currently a partner at Global Infrastructure Partners (GIP), a private equity firm that focuses on large-scale investments in infrastructure businesses and manages $81 billion for investors.
“I am honoured to be joining Rolls-Royce at a time of significant commercial opportunity and strategic evolution as its customers embrace the energy transition,” Erginbilgiç said.
“I am determined to deliver the full potential of the market positions which the company has built over many years, through its engineering excellence and innovative technology, and to build a platform for growth in order to create value for all stakeholders.”
Commenting on the appointment, chair Anita Frew said Erginbilgiç “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.”
“He has a strong track record for execution, delivery and the creation of significant value.”
Erginbilgiç, who joined BP in 1997, oversaw the expansion of the energy company’s downstream business, which includes refining, retail and petrochemicals, into electric vehicle charging, and added thousands of petrol stations in developing economies such as India and Mexico.
He also led the modernization of BP’s refining business, a highly competitive sector, including through the sale of a number of plants.
He left BP shortly after Bernard Looney was appointed CEO, a post which he contended for, along with BP’s former CFO Brian Gilvary.
Erginbilgiç is currently a non-executive director of multinational transport vehicle manufacturer Iveco Group; energy, health care and technology group DCC plc; and Turkish refinery giant Tüpraş.
Tufan will be reviewing his involvement in these positions, the company said.
Shares in Rolls-Royce, which saw their value go down by 67% during East’s seven-year tenure, were trading down 0.2% on Tuesday morning.
Erginbilgiç will receive a base salary of 1.25 million pounds, Rolls-Royce said, and he will also be awarded two tranches of shares, each worth 3.75 million pounds.
Rolls-Royce names Turkish national Tufan Erginbilgiç as CEO
Tufan Erginbilgiç has been named as the new chief executive officer and an executive director of the aero-engine maker Rolls-Royce, the company announced...
@Oublious
