Aerospace giant Rolls-Royce has named former BP executive Tufan Erginbilgic as its new chief executive.
Mr Erginbilgic will take over from Warren East on January 1. Mr East, who announced his departure in February, is stepping down after eight years at the helm.
Earlier this year, Mr East said he was confident Rolls-Royce had a “sustainable future” and would emerge from the pandemic a “more resilient” business. The company, which has UK sites in Derby and Filton, near Bristol, swung back into the black in February, with profits of £124m - up from a £3.1bn loss a year earlier.
Mr Erginbilgic is currently a partner at private equity firm Global Infrastructure Partners (GIP), which focuses on large-scale investments in infrastructure businesses and manages US $81bn (£67bn) for investors.
He spent more than 20 years at BP, including five years as part of its executive team and latterly as boss of the oil giant’s downstream business, before he left the group in 2020.
He said: “I am honoured to be joining Rolls-Royce at a time of significant commercial opportunity and strategic evolution as its customers embrace the energy transition.
“I am determined to deliver the full potential of the market positions which the company has built over many years, through its engineering excellence and innovative technology, and to build a platform for growth in order to create value for all stakeholders.”
Anita Frew, chairwoman of Rolls-Royce, said Mr Erginbilgic was a “proven leader" within complex multinational organisations, with "an ability to drive a high-performance culture2 and deliver results for investors.
She added: “He has extensive strategic and operational experience and a firm understanding of safety-critical industries, including aerospace, as well as the challenges and commercial opportunities presented by the drive for low-carbon technologies.”
Earlier this month, Rolls-Royce confirmed it was in the final stages of building the world's largest jet engine. The so-called UltraFan demonstrator is being constructed at the aerospace giant's facility in Derby before its first run – on 100% Sustainable Aviation Fuel (SAF) – later this year.
According to the company, the engine offers a 25% fuel efficiency improvement compared with the first generation of Trent engines.
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