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Rolls-Royce Holdings Plc named oil-industry veteran Tufan Erginbilgic as its next chief executive officer, replacing Warren East when he steps down at the end of this year.
Erginbilgic, 62, spent 20 years at BP Plc, and in his most recent role before leaving in 2020 led the firm’s downstream business, responsible for refining, petrochemicals and service-station activities, London-based Rolls said in a statement Tuesday. He is currently a partner at private-equity firm Global Infrastructure Partners.
The shares were little changed in early trade in London. The stock has fallen since Rolls announced East would step down, amounting to a 25% drop so far this year.
The company 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.
Erginbilgic will take up his new role on Jan. 1.
The appointment continues the British enginemaker’s practice of recruiting from outside the aerospace industry to fill top management positions. East, who led the company while tackling issues such as engine reliability, sweeping job cuts and the coronavirus, joined Rolls-Royce from UK chipmaker ARM Holdings.
Rolls Chairman 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. Rolls also faces the challenge of modernising a business which has historically been focused on gas turbines, with future aircraft set to be powered by electricity or hydrogen.
Erginbilgic left BP amid a broader management shakeup in early 2020. The unit he ran expanded in new markets like electric-vehicle charging under his tenure, according to a company statement at the time.
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