When someone joins a company as chief executive, it is common practice to rebuild the team so they can put their stamp on the business rather than having to do things ‘the old way’.
Rolls-Royce has seen more musical chairs than a five-year-old’s birthday party over the past three months, and we now get another wave of players.
“Tufan Erginbilgic has only been CEO since the start of the year and he’s already appointed two of his former colleagues from BP. If you want to get the job done, why not turn to people you know and trust, and that’s exactly what’s going through the mind of the person trying to revive the British engineer. Ex-BP worker Nicola Grady-Smith has already signed up as chief transformation officer and now Helen McCabe is joining from the oil producer as chief financial officer,” said AJ Bell’s Russ Mould.
“The market has put its faith in Erginbilgic to repair Rolls-Royce and get it firing on all cylinders again, judging by the 50%-plus rise in the share price this year. McCabe’s appointment and news of other people changing roles helped to push the stock up another 1%.”