Jet engine maker Rolls-Royce (LON:RR.) is launching a management shake-up as part of a drive to revive its flagging fortunes.
Rolls said it was ending its current divisional structure of aerospace and land & sea, removing a layer of senior management.
It is replacing it from January 1 with five divisions including civil aerospace, defence aerospace, marine, nuclear and power systems.
Rolls, which is undergoing a restructuring under new chief executive Warren East following several profit warnings, said the changes would simplify the business and cut costs.
The company, which has been hit by lower demand for maintenance and spares and falling oil prices, plans to save £150mln-£200mln a year from 2017.
It said aerospace president Tony Wood was leaving the company and land & sea president Lawrie Haynes was retiring.
Both will stay with the business into 2016 to help with putting the new structure in place.
East paid tribute to the pair, adding: "The changes we are announcing today are the first important steps in driving operational excellence and returning Rolls-Royce to its long-term trend of profitable growth."