The former BP executive is to take over from Warren East in 2023
Rolls-Royce has named oil industry veteran Tufan Erginbilgic as its next CEO, replacing Warren East when he steps down at the end of this year.
The shares gained 1.1% in London. The stock had fallen since Rolls announced East would step down, amounting to a 24% drop so far in 2022. Rolls said in February that East was set to leave at the end of 2022 after more than seven years at the helm, during which he led the jet-engine maker through a punishing period capped by the Covid-19 pandemic.
Rolls chair Anita Frew had previously said the new CEO did not need to have an aerospace background but must show an ability to unlock value from different business segments after the hit to profitability during the pandemic.
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