Rolls-Royce ( OTCPK:RYCEY ) ( OTCPK:RYCEF ) said Tuesday it named longtime oil industry executive Tufan Erginbilgic as its new CEO beginning January 1 , replacing Warren East when he steps down at the end of this year.
Erginbilgic spent 20 years at BP, mostly recently as head of the energy company's downstream business; he is currently a partner at the Global Infrastructure Partners P-E firm.
Jefferies analyst Chloe Lemarie called the selection " solid ," with Erginbilgic's involvement in energy transition topics at BP and GIP of particular interest to Rolls-Royce ( OTCPK:RYCEY ).
Rolls-Royce ( OTCPK:RYCEY ) has backed its full-year guidance despite macroeconomic uncertainties, although Deutsche Bank analysts have called the company's full-year revenue outlook "foggy."
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Rolls-Royce taps ex-BP executive as next CEO