Warren East picked a bad day to announce he’ll be off from Rolls-Royce at the end of the year but, then, his entire spell as chief executive has been an exercise in managing the unexpected. He inherited troublesome Trent 1000 engines, issued two profits warnings in his first six months in 2015 and had to cope with a thumping fine from the Serious Fraud Office for events before his time.
Just when the clouds cleared, and £1bn of annual cashflow could be glimpsed, the pandemic struck, obliterating income that depended on aircraft with Rolls engines recording hours in the air. By the autumn of 2020, the company’s survival was in doubt. The painful remedy was a £7bn package comprising a hefty rights issue, extra borrowing, asset disposals and a heavy round of job losses.
