How Tufan Erginbilgic Saved British Giant Rolls-Royce from the Brink of Collapse
RollsRoyce Holdings, one of the world's largest aviation and engineering companies, overcame one of the most significant crises in its history under the astute leadership of a Turkish executive. Tufan Erginbilgiç, who assumed the role of CEO in the early months of 2023, immediately likened the company to a 'burning platform,' initiating a transformation that not only saved the British giant from bankruptcy but also led it to record profitability when compared to the company's values.
One of the industries hit hardest by the global sweep of Covid-19 was aviation.
Due to the stagnation caused by lockdowns and the heavy debt burden from long-term contracts, the company, under the leadership of Erginbilgiç, managed to elevate its market value to the levels of 175 billion pounds in just two years. After a long while, Rolls Royce became a company that distributes dividends. Under the leadership of the Turkish CEO, the company had already achieved its 2026 targets last year.
So, how did they pull this off?
According to economic correspondents, Erginbilgiç made a realistic start as soon as he took office, creating a shockwave among employees by outlining the company's deficits in numerous areas. He eliminated internal bureaucracy and established more operational and dynamic units. The company, which had no issues with aircraft engine sales, was primarily suffering due to long-term contracts. Erginbilgiç managed to have all these contracts revised.
Who is Tufan Erginbilgiç?
Erginbilgiç, a graduate of Istanbul Technical University's Industrial Engineering program, furthered his education with an MBA at Boğaziçi University and a master's degree in Economics at Ohio State University.
He embarked on his career in 1990 with Mobil, and in 1997, he joined the oil giant BP where he held managerial positions for over two decades. As a partner at Global Infrastructure Partners, he managed investments worth $81 billion and served as an independent board member at major companies like Tüpraş.
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