TIDMRR.
RNS Number : 6829T
Rolls-Royce Holdings plc
26 July 2022
26 July 2022
Rolls-Royce Holdings plc
DIRECTORATE CHANGE
ROLLS-ROYCE APPOINTS TUFAN ERGINBILGIC AS CHIEF EXECUTIVE
OFFICER
Rolls-Royce (LSE:RR., ADR:RYCEY) announces that Tufan
Erginbilgic has been appointed Chief Executive Officer and an
executive director of Rolls-Royce Holdings plc. Tufan will take up
his new role on 1 January 2023, succeeding Warren East who, on 24
February 2022, announced his intention to step down at the end of
this year.
Tufan, who has a background in engineering, has built his career
in international business including over 20 years with BP, with
five years as part of its executive team. In his last role before
leaving in 2020, he led BP's downstream business, which included
Refining, Petrochemicals, Service Station Network, Lubricants,
Midstream operations and the Air BP jet fuel operation. During
Tufan's tenure, the business was transformed, achieving record
profitability and delivering record-setting safety performance. He
has held several non-executive directorships in heavy industry and
manufacturing companies, including at aerospace technology group
GKN. He is currently a partner at Global Infrastructure Partners
(GIP), a private equity firm which focuses on large-scale
investments in infrastructure businesses and manages $81bn for
investors.
Anita Frew, Chair, Rolls-Royce, said: "I am delighted to
announce the appointment of Tufan Erginbilgic as chief executive.
He is a proven leader of winning teams within complex multinational
organisations, with an ability to drive a high-performance culture
and deliver results for investors. 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. He has a strong track record for execution, delivery
and the creation of significant value. I look forward to him
building on the strategic foundations that Rolls-Royce has laid
over recent years."
Tufan Erginbilgic 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.
I look forward to working with customers, partners and the
Rolls-Royce team across the world on the next successful chapter
for this iconic global engineering brand."
Tufan Erginbilgic is currently a non-executive director of
multinational transport vehicle manufacturer Iveco Group NV;
energy, healthcare and technology group DCC plc; and energy company
Türkiye Petrol Rafinerileri A. (Tupras). Tufan will be reviewing
his involvement in these positions.
There are no other details to disclose relating to Tufan
Erginbilgic under paragraph 9.6.13 of the Listing Rules.
For further information, please contact:
Investors
Isabel Green
Head of Investor Relations, Rolls-Royce plc
Tel +44 (0) 7880 160976
Isabel.Green@Rolls-Royce.com
Media
Richard Wray
Director of External Communications & Brand, Rolls-Royce
plc
Tel +44 (0) 7810 850055
Richard.Wray@Rolls-Royce.com
www.rolls-royce.com
Press photos are available at
https://www.flickr.com/photos/rolls-royceplc/
Notes
1. Tufan Erginbilgic has a BSc in engineering, an MBA and an MA
in Economics. He is a UK and Turkish national and has lived and
worked in Belgium, Portugal, Spain, Turkey, the UK and US.
2. Tufan Erginbilgic joined Global Infrastructure Partners in
2020. Previously he worked for BP (1997-2020) in a number of senior
roles. He was CEO of Lubricants, BP & Castrol, from 2006 to
2007 and under his leadership the division became an industry
leader while quadrupling its profits. He was then Chief of Staff to
the Group CEO until 2009 when he became Chief Operating Officer of
BP's downstream business and then in 2014 its Chief Executive
Officer.
3. Tufan Erginbilgic was a non-executive director, from 2020 to
2021, of CNH Industrial NV, a global capital goods company
specializing in equipment and services for agriculture and
construction from which Iveco demerged at the start of this year.
He was a non-executive director of GKN from 2012 to 2018.
4. Upon joining Rolls-Royce, Tufan Erginbilgic will receive a
base salary of GBP1.25m, 30% of which will be paid as shares
deferred for two years. Reflecting compensation which he will
forego as a result of leaving GIP, he will also receive two
tranches of Rolls-Royce shares, each worth GBP3.75m at the date of
grant, which will vest in 2027 and 2028 and are subject to malus
and clawback provisions. To further strengthen the link between
executive remuneration and the interests of shareholders,
Rolls-Royce is also raising the CEO's minimum shareholding
requirement from the existing 2.5 times salary to 4 times salary.
Full details of his remuneration will be included in the 2022
Directors' Remuneration Report and is in-line with Rolls-Royce's
existing Remuneration policy.
About Rolls-Royce
1. Rolls-Royce pioneers the power that matters to connect, power
and protect society. We have pledged to achieve net zero greenhouse
gas emissions in our operations by 2030 (excluding product testing)
and joined the UN Race to Zero campaign in 2020, affirming our
ambition to play a fundamental role in enabling the sectors in
which we operate achieve net zero carbon by 2050.
2. Rolls-Royce has customers in more than 150 countries,
comprising more than 400 airlines and leasing customers, 160 armed
forces and navies, and more than 5,000 power and nuclear
customers.
3. Annual underlying revenue was GBP10.95 billion in 2021,
underlying operating profit was GBP414m and we invested GBP1.18
billion on research and development. We also support a global
network of 28 University Technology Centres, which position
Rolls-Royce engineers at the forefront of scientific research.
4. Rolls-Royce Holdings plc is publicly traded company (LSE:
RR., ADR: RYCEY, LEI: 213800EC7997ZBLZJH69)
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END
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