A BR700-725 jet engine is seen at the assembly line of the Rolls-Royce Germany plant, in Dahlewitz near Berlin, Germany February 28, 2023. REUTERS/Nadja Wohlleben/File Photosaid 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.
Tufan Erginbilgic, who took over in January, is the latest chief executive to try to tackle the company's inefficiencies. Rolls has long trailed the margins made by General ElectricOn Tuesday the company said it planned to shed up to 2,500 roles out of its total staff of 42,000. The bounceback in long-haul flying this year plus Erginbilgic's strategy has seen the stock soar 133% since January.
As part of the new streamlining plan, Rolls-Royce said it would merge its engineering technology and safety groups, and as a result chief technology officer Grazia Vittadini, who was formerly CTO at Airbus, would leave in April 2024.
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