REG - Rolls-Royce Holdings - Directorate Change

Rolls-Royce HoldingsAnnouncement

26/07/2022 07:00

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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.Ş
(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 (http://www.rolls-royce.com)

 

Press photos are available at https://www.flickr.com/photos/rolls-royceplc/
(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 £1.25m, 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 £3.75m 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 £10.95 billion in 2021, underlying
operating profit was £414m and we invested £1.18 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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