This article is from the source 'independent' 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.independent.co.uk/news/business/news/rolls-royce-cuts-top-executives-in-management-shake-up-a6775056.html
The article has changed 5 times. There is an RSS feed of changes available.
Version 2 | Version 3 |
---|---|
Rolls-Royce cuts top executives in management shake-up | Rolls-Royce cuts top executives in management shake-up |
(35 minutes later) | |
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. |
Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump | |
Chip Somodevilla/Getty Images | Chip Somodevilla/Getty Images |
Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump | |
TIZIANA FABI/AFP/Getty Images | TIZIANA FABI/AFP/Getty Images |
Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump | |
Ben Pruchnie/Getty Images | Ben Pruchnie/Getty Images |
Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump | |
REUTERS/Vincent Kessler | REUTERS/Vincent Kessler |
Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump | |
REUTERS/Thomas Peter | REUTERS/Thomas Peter |
Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump | |
Kimberly White/Getty Images for Breakthrough Prize | Kimberly White/Getty Images for Breakthrough Prize |
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) |
Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump | |
AFP PHOTO / BERTRAND GUAY | AFP PHOTO / BERTRAND GUAY |
Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump | |
FABRICE COFFRINI/AFP/Getty Images | FABRICE COFFRINI/AFP/Getty Images |
Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump | |
Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump | |
Alamy | Alamy |
Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump | |
DPA/Getty Images | DPA/Getty Images |
Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump | |
Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump | |
YouTube/Screen shot/KPCB | YouTube/Screen shot/KPCB |
Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump | |
Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump | |
2011 Getty Images | 2011 Getty Images |
Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump | |
Getty | Getty |
Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump | |
2015 Manchester United FC | 2015 Manchester United FC |
Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump | |
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. |
Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump | |
2014 Getty Images | 2014 Getty Images |
Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump | Warren Buffett, the world’s third richest person, lost $3.6bn in last week’s market slump |
Getty | Getty |
“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. |