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Rolls-Royce cuts top executives in management shake-up | Rolls-Royce cuts top executives in management shake-up |
(about 11 hours 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. |
“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. |