Rolls-Royce's New Boss Says Company A "Burning Platform"

The new boss of Rolls-Royce, Tufan Erginbilgic, has described the engineering giant as a "burning platform" and said the company's performance is "unsustainable," Michael Race reported for BBC News.

Photo Insert: Rolls-Royce said Erginbilgic had been "honest about our financial underperformance" compared to others.

Tufan Erginbilgic, formerly an executive at oil giant BP, told staff that they all faced a "last chance" to change, adding: "Every investment we make, we destroy value." The Financial Times also reported on the Erginbilgic remark.

Rolls-Royce told the BBC Erginbilgic had been "honest about our financial underperformance" compared to others. Rolls-Royce is one of the UK's flagship companies. Its engines and systems are on planes such as the Airbus A350 and Boeing 787.

It was one of many firms hit hard by the COVID pandemic when air travel was grounded for months and it axed 9,000 jobs.

But in a broadcast to staff, Erginbilgic said Rolls-Royce had "not been performing for a long, long time." The ex-oil executive added that the company was a "burning platform," meaning it is imperative to get out of the situation it finds itself in.

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