Rolls-Royce names BP veteran Erginbilgic as CEO
Analysts say Tufan Erginbilgic’s track record and track record in the energy transition put him in a good position to lead Rolls-Royce despite his relative lack of experience in aerospace and defense.
East has been plagued by costly problems with engine blades and the COVID-19 pandemic during its seven years at Rolls. However, he will be stepping down later this year, with Erginbilgic taking over on January 1st.
‘s analysts believe Elgin Birzic’s record of delivering results and driving the energy transition, despite his relative lack of experience in aerospace and defense (A&D), makes him an excellent candidate to lead Rawls. I said I was in a good position.
“Although his involvement in A&D still appears limited, his combined experience in profitability recovery, the industrial sector and the energy transition makes him a very solid line-up.” says his Jefferies.
East’s stock, which fell 67% during his tenure, was up 1.5% by 0945 GMT. East, which announced its exit in February, has simplified Rolls by reducing management shifts and costs.
But Rolls has a problem with Boeing’s Trent 1000 engine that powers his 787 Dreamliner, forcing the aircraft to be grounded for turbine blade repairs.
The group, which also has a Defense and Energy Systems division, has been hit hard by the pandemic, wiping out more than £5.5bn in cash as earnings from flight hours for plane engines plummeted.
Erginbilgic is of British and Turkish nationality with an engineering background and with BP he has over 20 years of experience, 5 of which were on the senior management team.
He operated the downstream business of an oil major until 2020 and is currently a partner in the private He Infrastructure firm Global He Infrastructure His Partners.
“I am honored to join Rolls-Royce at a time of significant commercial opportunity and strategic development as Rolls-Royce customers embrace the energy transition,” he said.
Erginbilgic oversaw the expansion of his BP downstream businesses, including refineries, retail and petrochemicals, into electric vehicle charging, adding thousands of gas stations in developing countries such as India and Mexico.
He also oversaw the modernization of the refinery business, including actions such as the sale of a number of assets.
Originally published at https://businessdor.com on January 27, 2023.
