This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-35108958
The article has changed 3 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Rolls-Royce revamp ousts two top managers | |
| (35 minutes later) | |
| Rolls-Royce will revamp its management structure and recruit a chief operating officer as Warren East strives to revive the ailing company. | Rolls-Royce will revamp its management structure and recruit a chief operating officer as Warren East strives to revive the ailing company. |
| Tony Wood, the head of aerospace, will depart, and Lawrie Haynes, who runs the land and sea division, will step down next year. | Tony Wood, the head of aerospace, will depart, and Lawrie Haynes, who runs the land and sea division, will step down next year. |
| The change in structure is part of a plan to save up to £200m a year from 2017, it said. | The change in structure is part of a plan to save up to £200m a year from 2017, it said. |
| Removing the top layer of management is a bid to simplify decision-making. | Removing the top layer of management is a bid to simplify decision-making. |
| Rolls-Royce has issued a series of profit warnings that have battered its share price, leaving it down 38% this year. | Rolls-Royce has issued a series of profit warnings that have battered its share price, leaving it down 38% this year. |
| Mr East, who joined in July, admitted last month that the engineering group had developed an "accounting fog" that had left investors unclear about its direction. | Mr East, who joined in July, admitted last month that the engineering group had developed an "accounting fog" that had left investors unclear about its direction. |
| He wants to "simplify" Rolls-Royce to make it a more responsive business. | He wants to "simplify" Rolls-Royce to make it a more responsive business. |
| From January, the company will operate as five businesses, with the presidents of civil aerospace, defence aerospace, marine, nuclear and power systems reporting to Mr East. | From January, the company will operate as five businesses, with the presidents of civil aerospace, defence aerospace, marine, nuclear and power systems reporting to Mr East. |
| Currently, the firm has two divisions: aerospace, and land and sea. | Currently, the firm has two divisions: aerospace, and land and sea. |
| "The changes we are announcing today are the first important steps in driving operational excellence and returning Rolls-Royce to its long-term trend of profitable growth," said Mr East. | "The changes we are announcing today are the first important steps in driving operational excellence and returning Rolls-Royce to its long-term trend of profitable growth," said Mr East. |
| Rolls-Royce employs more than 21,000 people in the UK, with more than 12,000 employed at its Derby aerospace engines and submarines division. | Rolls-Royce employs more than 21,000 people in the UK, with more than 12,000 employed at its Derby aerospace engines and submarines division. |
| Earlier this year, the company announced 3,600 job cuts and warned that some of its 2,000 senior managers would depart. | Earlier this year, the company announced 3,600 job cuts and warned that some of its 2,000 senior managers would depart. |
| The crisis claimed the scalp of John Rishton, who Rolls-Royce said in April would step down after four years as chief executive. | The crisis claimed the scalp of John Rishton, who Rolls-Royce said in April would step down after four years as chief executive. |
| The company makes engines for the UK nuclear submarine fleet. It was reported this week that the government had drawn up contingency plans, should Rolls-Royce's problems become so acute that it faced being broken up. | The company makes engines for the UK nuclear submarine fleet. It was reported this week that the government had drawn up contingency plans, should Rolls-Royce's problems become so acute that it faced being broken up. |
| Business minister Anna Soubry told the House of Commons that the government was "monitoring the situation carefully" but did not elaborate. | Business minister Anna Soubry told the House of Commons that the government was "monitoring the situation carefully" but did not elaborate. |
| The next generation of nuclear submarines, due to be deployed by 2030, is being planned by the government. | The next generation of nuclear submarines, due to be deployed by 2030, is being planned by the government. |