The new boss of Rolls-Royce has launched a sweeping review of the aircraft engine maker, pledging that there is “much more” to come after last year beat expectations, sending shares up more than 20%.
Tufan Erginbilgic, who joined as chief executive on 1 January, said the FTSE 100 manufacturer had been underperforming financially for years and outlined key areas for reform that he said would deliver materially higher profit, cashflows and returns.
