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Rolls-Royce cuts top executives in management shake-up Rolls-Royce cuts top executives in management shake-up
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Rolls-Royce put an end to its current-two division structure and shake up management as part of revival plans.Rolls-Royce put an end to its current-two division structure and shake up management as part of revival plans.
The troubled engineering company, which investors include California-based activist investor ValueAct, is attempting to come back from five profit warnings, under new chief Warren.The troubled engineering company, which investors include California-based activist investor ValueAct, is attempting to come back from five profit warnings, under new chief Warren.
The plans revealed on Wednesday, which are part of a turnaround strategy designed to make cost savings of about £150-200 million a year, mean the end for its current structure based around the aerospace and land and sea divisions.The plans revealed on Wednesday, which are part of a turnaround strategy designed to make cost savings of about £150-200 million a year, mean the end for its current structure based around the aerospace and land and sea divisions.
Tony Wood, the president for aerospace who has been with the company for 15 years, and Lawrie Haynes, the boss of land and sea, will leave the company as a result.Tony Wood, the president for aerospace who has been with the company for 15 years, and Lawrie Haynes, the boss of land and sea, will leave the company as a result.
Rolls will now have five arms - civil aerospace, defence aerospace, marine, nuclear and power systems - the heads of which will report directly to East.Rolls will now have five arms - civil aerospace, defence aerospace, marine, nuclear and power systems - the heads of which will report directly to East.
Rolls will also appoint a chief operating officer in the new year.Rolls will also appoint a chief operating officer in the new year.
Federal Reserve Bank Chair Janet Yellen holds a news conference where she announced that the Fed will raise its benchmark interest rate for the first time since 2008 at the bank's Wilson Conference Center December 16, 2015 in Washington, DC. Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
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Profits at the Italian luxury goods group Prada fell 38 per cent in the quarter to 31 October, hit by slumping sales in China. Europe and Japan were the only two areas that saw modest growth for the fashion house, whose 2016 lines were modeled at the Milan Fashion Week. But a strong dollar held back travelers headed to the United States. Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
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A man in a space suit watches a television with school children at the Science Museum ahead of the launch of space mission Principia in London. European Space Agency Astronaut Tim Peake is the first publicly funded Briton in Space. The value of the space sector in the UK has grown from £6.5 billion in 2007 to £11.8 billion in 2014. It currently employs nearly 35,000 skilled workers, with current government ambitions for the sector to grow to £40 billion by 2030 and a further 100,000 jobs. Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
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Commission President Jean-Claude Juncker jokes with a Member of the European Parliament ahead of a debate on the future of the Economic and Monetary Union at the European Parliament in Strasbourg, France, December 15, 2015 Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
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A robot arm, developed by Nachi Robotic Systems was on show at the International Robot Exhibition in Tokyo on Wednesday December 3. The Bank of England recently published research that 15 million UK jobs could be at risk of automation in the coming decades. Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
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Elizabeth Holmes is the only woman that has made it on the Forbes magazine “America’s richest entrepreneurs under 40” list. Elizabeth Holmes who founded the blood-testing company Theranos came sixth with $4.5 billion (£2.9 billion). Facebook’s Mark Zuckerberg topped the ranking with $47.1 billion. Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
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Peppa set out to hog the market - The film and TV distribution company Entertainment One said it was on course to double merchandise sales for the pre-school favourite Peppa Pig to $2bn (£1.3bn) by 2020. Sales of Peppa toys will begin in China next year, following the launch of the TV show there. E1's underlying annual profits climbed by 42 per cent to £52m, on sales up 2 per cent at £337m. Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
Rob Stothard/Getty Images)Rob Stothard/Getty Images)
The Eiffel Tower illuminated with the French national colors in tribute to the victims of the November 13, 2015 Paris terror attacks. Tourism and travel stocks fell on Monday in the wake of Friday’s jihadist attacks in Paris – as a leading European policymaker warned that the killings could compound the region’s economic woes. Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
AFP PHOTO / BERTRAND GUAYAFP PHOTO / BERTRAND GUAY
A model holds a 12.03-carat blue diamond during a press preview by auction house Sotheby's in Geneva on November 4, 2015. A 12.03-carat blue diamond could fetch a record $55 million (47 million Euros) when it goes under the hammer by Sotheby's on November 11 in Geneva. Categorised as a fancy vivid blue diamond, the Blue Moon, discovered in South Africa in January last year, is the largest cushion-shaped stone in that category to ever appear at auction Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
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Burberry shares were down 12 per cent after it missed forecasts for sales in the first half of 2015 as Chinese customers cut back on luxury goods. Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
Polaroid's owner C&A is suing Go Pro over its Hero4 Session camera, claiming the ice-cube shaped device is a rip-off of the Polariod Cube camera and infringes its patent. Shares in Go Pro, which denied the announcement, fell to an all-time low. Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
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In the aftermath of the Volkswagen emissions scandal BMW shares have fallen by more than 5 per cent after claims one of its models exceeded European emissions limits by more than 11 times. Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
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The coffee chain will provide an interest-free loan to pay a rental deposit that should be repaid within 12 months Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
Reed Hastings, founder and CEO of Netflix has said that companies greatly underestimate the importance of reference checks when hiring Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
YouTube/Screen shot/KPCBYouTube/Screen shot/KPCB
VW CEO Martin Winterkorn ousted over diesel emissions that could cause thousands of premature deaths Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
Groupon has cut 10% of its workforce and closed its operations in 7 countries. When it went public in 2011 it was valued at $12.8bn Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
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Britain's Chancellor George Osborne has urged closer business ties with China when he visited Shanghai, the country's commercial hub, on Tuesday. He declared that the UK and China will "stick together", despite stock market turmoil and faltering economic growth in the world's second-largest economy. Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
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Manchester United's absence from the Champions League hurt more than the fans' pride last year - it also dented the bottom line. Revenues at the New Uork listed club dipped 8.8 per cent to £395.2m in the year to June, triggering a £1.2 million loss after broadcasting and sponsorship deals dried up. The club said it was now looking to raise $400m from a share issue. Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
2015 Manchester United FC2015 Manchester United FC
Production of the next Star Wars movie has brought an economic impact of some £150 million to Britain, according to company accounts. The seventh movie in the series, The Force Awakens, will be released in December. Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
The Net-a-Porter founder Natalie Massenet decided to quit the online fashion retailer during "a summer of reflection" that included a spectacular 50th birthday party on the Almalfi coast. Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
Copyright (c) 2015 Rex Features. No use without permission.Copyright (c) 2015 Rex Features. No use without permission.
The chief executive of Yahoo, Marissa Mayer, said that she was expecting twin girls in December. She said she would "approach the pregnancy and delivery the same way as I did with my son three years ago, taking limited time away and working throughout". In 2012, she took two weeks off when her first child was born. Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
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Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slumpWarren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump
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“The new structure will clarify executive accountabilities, intensify leadership focus on operational performance and allow Rolls-Royce to build on its world class engineering capabilities,” Rolls said in a statement.“The new structure will clarify executive accountabilities, intensify leadership focus on operational performance and allow Rolls-Royce to build on its world class engineering capabilities,” Rolls said in a statement.
Earlier this week reports suggested that its submarine division, which powers the UK's Trident nuclear deterrent, could be nationalised as the Government seeks to defend it from potential takeover.Earlier this week reports suggested that its submarine division, which powers the UK's Trident nuclear deterrent, could be nationalised as the Government seeks to defend it from potential takeover.