The new CEO of Rolls-Royce Holdings PLC (LSE:RR.), Tufan Erginbilgic, has delivered a harsh assessment of the company's current state, reportedly describing the jet engine maker as a ‘burning platform’.
This appraisal was designed to pave the way for a significant shake-up at the 117-year-old company, according to an insider cited by the Financial Times.
Erginbilgic, who took over from Warren East at the beginning of January, stated that the company's performance is "unsustainable" and "at a level [at which] it cannot continue."
He went on to say that this is the company's last chance and that he will be launching a "transformation program" with a focus on "efficiency and optimisation."
This is widely seen as a signal to staff to expect another round of job cuts, particularly among white-collar workers.