Rolls Royce aerospace chief Wood to exit the company
Rolls-Royce Holdings Plc’s aerospace division president will leave next year as new Chief Executive Officer Warren East restructures the company and slims the management ranks.
December 16, 2015 By Bloomberg News
East will split the London-based engine-maker into five segments, each reporting directly to him. Tony Wood will exit and his duties will be taken over by Eric Schulz, who runs the commercial large-engine business, a company spokesman said late Tuesday. Lawrie Haynes, president of the troubled land and sea unit, will also retire.
The overhaul is the first step in a plan to cut 150 million pounds to 200 million pounds ($225 million to $300 million) from Rolls-Royce’s fixed cost base after a series of profit warnings under East’s predecessor. East said in November the company was unable to respond to changing market conditions, including slowing air-passenger demand in Asia and a collapse in oil prices. | READ MORE