{"id":31093,"date":"2023-10-17T23:45:26","date_gmt":"2023-10-17T23:45:26","guid":{"rendered":"https:\/\/prosfunds.com\/business\/rolls-royce-plans-up-to-2500-job-cuts-to-revamp-its-burning-platform-business\/"},"modified":"2023-10-17T23:45:27","modified_gmt":"2023-10-17T23:45:27","slug":"rolls-royce-plans-up-to-2500-job-cuts-to-revamp-its-burning-platform-business","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=31093","title":{"rendered":"Rolls-Royce plans up to 2,500 job cuts to revamp its \u2018burning platform\u2019 business"},"content":{"rendered":"
\n

\n Aircraft engine maker Rolls-Royce will slash up to 2,500 jobs worldwide in a bid to streamline its operations and tackle years of underperformance.\n <\/p>\n

\n Britain\u2019s flagship engineering firm, which makes engines for Boeing (BA) and Airbus planes, said Tuesday that the cuts were part of a broader strategic overhaul to \u201cremove duplication and deliver cost efficiencies.\u201d\n <\/p>\n

\n The restructure will lead to between 2,000 and 2,500 job losses from a global workforce of 42,000, a cut of around 6%. (Rolls-Royce is a separate company from Rolls-Royce Motor Cars, a wholly owned subsidiary of BMW. The two businesses bearing the Rolls-Royce name were part of the same firm until the 1970s.)\n <\/p>\n

\n \u201cWe are building a Rolls-Royce that is fit for the future. That means a more streamlined and efficient organization that will deliver for our customers, partners and shareholders,\u201d CEO Tufan Erginbilgic said in a statement.\n <\/p>\n

\n
\n <\/source><\/source><\/source><\/picture>\n <\/div>\n<\/div>\n

\n The revamp is the latest turnaround attempt by the company, which set out to cut at least 9,000 jobs during the Covid-19 pandemic when demand for air travel collapsed. And earlier, in 2018, the company planned to cut 4,600 positions to save costs.\n <\/p>\n

\n Erginbilgic \u2014 who became chief executive in January after more than 20 years at oil giant BP \u2014 has been blunt in his assessment of the aerospace and defense firm\u2019s performance. In an address to Rolls-Royce staff not long after taking the helm, he described the business as a \u201cburning platform\u201d that was falling behind key competitors and destroying value for shareholders.\n <\/p>\n

\n \u201cRolls-Royce has been underperforming for an extended period,\u201d he noted at the company\u2019s annual shareholder meeting in May.\n <\/p>\n

\n \u201cCash generation has been unsatisfactory, and our debt is still too high. Too much of our gross profit is simply covering our overheads and interest payments.\u201d\n <\/p>\n

\n Erginbilgic used the address to announce a \u201ctransformation program\u201d that would create an \u201cefficient business with a competitive cost base,\u201d without detailing the impact on employees.\n <\/p>\n

\n Under the plan unveiled Tuesday, staff working on product safety and engineering standards <\/strong>will be combined into a single team, and back-office functions, such as finance, legal and human resources, will also be brought together. The overhaul will see chief technology officer Grazia Vittadini leave the business in April 2024.\n <\/p>\n

\n \u201cThis is another step on our multi-year transformation journey to build a high-performing, competitive, resilient and growing Rolls-Royce,\u201d Erginbilgic said.\n <\/p>\n

\n Investors cheered the changes, lifting the stock more than 2% in morning trade, though it later pared those gains. The stock has climbed more than 200% over the past year, making it the best performer in London\u2019s FTSE 100, according to Victoria Scholar, head of investment at online investment platform Interactive Investor.\n <\/p>\n

\n \u201cThings couldn\u2019t be going much better for Erginbilgic,\u201d she said in a note Tuesday, pointing to the \u201csharp jump\u201d in profit in the first half. \u201cIts transformation plan is faring well, with improving operations, the post-pandemic rebound in international flying and increased defense spending.\u201d\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Aircraft engine maker Rolls-Royce will slash up to 2,500 jobs worldwide in a bid to streamline its operations and tackle years of underperformance. Britain\u2019s flagship engineering firm, which makes engines for Boeing (BA) and Airbus planes, said Tuesday that the cuts were part of a broader strategic overhaul to \u201cremove duplication and deliver cost efficiencies.\u201d […]<\/p>\n","protected":false},"author":1,"featured_media":31094,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-31093","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nRolls-Royce plans up to 2,500 job cuts to revamp its \u2018burning platform\u2019 business | Prosfunds<\/title>\n<meta name=\"description\" content=\"Aircraft engine maker Rolls-Royce will slash up to 2,500 jobs worldwide in a bid to streamline its operations and tackle years of underperformance.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=31093\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rolls-Royce plans up to 2,500 job cuts to revamp its \u2018burning platform\u2019 business | Prosfunds\" \/>\n<meta property=\"og:description\" content=\"Aircraft engine maker Rolls-Royce will slash up to 2,500 jobs worldwide in a bid to streamline its operations and tackle years of underperformance.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/prosfunds.com\/?p=31093\" \/>\n<meta property=\"og:site_name\" content=\"Prosfunds\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-17T23:45:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-17T23:45:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/10\/231017044132-rolls-royce-air-show-062023.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/prosfunds.com\/?p=31093#article\",\"isPartOf\":{\"@id\":\"https:\/\/prosfunds.com\/?p=31093\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6\"},\"headline\":\"Rolls-Royce plans up to 2,500 job cuts to revamp its \u2018burning platform\u2019 business\",\"datePublished\":\"2023-10-17T23:45:26+00:00\",\"dateModified\":\"2023-10-17T23:45:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/prosfunds.com\/?p=31093\"},\"wordCount\":491,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/prosfunds.com\/#organization\"},\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/prosfunds.com\/?p=31093#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/prosfunds.com\/?p=31093\",\"url\":\"https:\/\/prosfunds.com\/?p=31093\",\"name\":\"Rolls-Royce plans up to 2,500 job cuts to revamp its \u2018burning platform\u2019 business | Prosfunds\",\"isPartOf\":{\"@id\":\"https:\/\/prosfunds.com\/#website\"},\"datePublished\":\"2023-10-17T23:45:26+00:00\",\"dateModified\":\"2023-10-17T23:45:27+00:00\",\"description\":\"Aircraft engine maker Rolls-Royce will slash up to 2,500 jobs worldwide in a bid to streamline its operations and tackle years of underperformance.\",\"breadcrumb\":{\"@id\":\"https:\/\/prosfunds.com\/?p=31093#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/prosfunds.com\/?p=31093\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/prosfunds.com\/?p=31093#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/prosfunds.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Rolls-Royce plans up to 2,500 job cuts to revamp its \u2018burning platform\u2019 business\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/prosfunds.com\/#website\",\"url\":\"https:\/\/prosfunds.com\/\",\"name\":\"Funding Factories\",\"description\":\"Latest Finance News and Updates\",\"publisher\":{\"@id\":\"https:\/\/prosfunds.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/prosfunds.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/prosfunds.com\/#organization\",\"name\":\"Funding Factories\",\"url\":\"https:\/\/prosfunds.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png\",\"contentUrl\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png\",\"width\":780,\"height\":140,\"caption\":\"Funding Factories\"},\"image\":{\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/prosfunds.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png\",\"contentUrl\":\"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/prosfunds.com\"],\"url\":\"https:\/\/prosfunds.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Rolls-Royce plans up to 2,500 job cuts to revamp its \u2018burning platform\u2019 business | Prosfunds","description":"Aircraft engine maker Rolls-Royce will slash up to 2,500 jobs worldwide in a bid to streamline its operations and tackle years of underperformance.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/prosfunds.com\/?p=31093","og_locale":"en_US","og_type":"article","og_title":"Rolls-Royce plans up to 2,500 job cuts to revamp its \u2018burning platform\u2019 business | Prosfunds","og_description":"Aircraft engine maker Rolls-Royce will slash up to 2,500 jobs worldwide in a bid to streamline its operations and tackle years of underperformance.","og_url":"https:\/\/prosfunds.com\/?p=31093","og_site_name":"Prosfunds","article_published_time":"2023-10-17T23:45:26+00:00","article_modified_time":"2023-10-17T23:45:27+00:00","og_image":[{"width":800,"height":450,"url":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/10\/231017044132-rolls-royce-air-show-062023.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/prosfunds.com\/?p=31093#article","isPartOf":{"@id":"https:\/\/prosfunds.com\/?p=31093"},"author":{"name":"News Room","@id":"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6"},"headline":"Rolls-Royce plans up to 2,500 job cuts to revamp its \u2018burning platform\u2019 business","datePublished":"2023-10-17T23:45:26+00:00","dateModified":"2023-10-17T23:45:27+00:00","mainEntityOfPage":{"@id":"https:\/\/prosfunds.com\/?p=31093"},"wordCount":491,"commentCount":0,"publisher":{"@id":"https:\/\/prosfunds.com\/#organization"},"articleSection":["Business"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/prosfunds.com\/?p=31093#respond"]}]},{"@type":"WebPage","@id":"https:\/\/prosfunds.com\/?p=31093","url":"https:\/\/prosfunds.com\/?p=31093","name":"Rolls-Royce plans up to 2,500 job cuts to revamp its \u2018burning platform\u2019 business | Prosfunds","isPartOf":{"@id":"https:\/\/prosfunds.com\/#website"},"datePublished":"2023-10-17T23:45:26+00:00","dateModified":"2023-10-17T23:45:27+00:00","description":"Aircraft engine maker Rolls-Royce will slash up to 2,500 jobs worldwide in a bid to streamline its operations and tackle years of underperformance.","breadcrumb":{"@id":"https:\/\/prosfunds.com\/?p=31093#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/prosfunds.com\/?p=31093"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/prosfunds.com\/?p=31093#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/prosfunds.com\/"},{"@type":"ListItem","position":2,"name":"Rolls-Royce plans up to 2,500 job cuts to revamp its \u2018burning platform\u2019 business"}]},{"@type":"WebSite","@id":"https:\/\/prosfunds.com\/#website","url":"https:\/\/prosfunds.com\/","name":"Funding Factories","description":"Latest Finance News and Updates","publisher":{"@id":"https:\/\/prosfunds.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/prosfunds.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/prosfunds.com\/#organization","name":"Funding Factories","url":"https:\/\/prosfunds.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/","url":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png","contentUrl":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/ff-dark-logo-1.png","width":780,"height":140,"caption":"Funding Factories"},"image":{"@id":"https:\/\/prosfunds.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/prosfunds.com\/#\/schema\/person\/bab8f1b00ccebe43e39ff640793108e6","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/prosfunds.com\/#\/schema\/person\/image\/","url":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png","contentUrl":"https:\/\/prosfunds.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1693518183-96x96.png","caption":"News Room"},"sameAs":["https:\/\/prosfunds.com"],"url":"https:\/\/prosfunds.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts\/31093","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31093"}],"version-history":[{"count":1,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts\/31093\/revisions"}],"predecessor-version":[{"id":31095,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/posts\/31093\/revisions\/31095"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=\/wp\/v2\/media\/31094"}],"wp:attachment":[{"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31093"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prosfunds.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}