Rolls-Royce to Cut 2,000-2,500 Jobs Globally in Strategic Overhaul
2 min
Rolls-Royce Holdings is set to cut 2,000-2,500 jobs worldwide as part of a transformation program and strategy review.
The U.K.-based aircraft engine manufacturer, which outlined the review plan in January, said Tuesday that the new structure will create a more agile business better able to serve customers, deliver cost efficiencies, and help it improve its capabilities in areas such as procurement and supply-chain management.
“This is another step on our multiyear transformation journey to build a high performing, competitive, resilient and growing Rolls-Royce,” Chief Executive Tufan Erginbilgic said.
The engineering technology and safety teams will be merged into a single team, responsible for product safety, engineering standards, process, methods and tools. The combined team will be led by Simon Burr, currently director of product development and technology for civil aerospace, who will join the executive team with immediate effect. Enabling functions, like finance, general counsel and people teams will also be brought together.
Chief Technology Officer Grazia Vittadini will leave the company in April.
Other proposals include creating a new enterprise-wide procurement and supplier management organisation, supporting group spend consolidation, leveraging scale and developing consistent standards. As well as savings, a greater focus on these areas will lead to customer service improvements, reducing supply-chain delays.
Rolls-Royce currently employs 42,000 people worldwide.
In an interview with the Wall Street Journal in May, Erginbilgic said that his first goal was to pay down debt and generate cash to restore Rolls-Royce’s investment-grade rating—lost at the start of the pandemic. He said then he also wants to be able to reinstall payments to shareholders, that Rolls-Royce suspended in 2020.
“In every division of the group we are underperforming versus the competition,” Erginbilgic told the Journal then. “That is to me a turnaround case.”
Erginbilgic, a former oil-industry executive, took over as chief executive of Rolls-Royce Holdings in January.
On Aug. 3 Rolls-Royce reported a pretax profit for the six months ended June 30 of 1.42 billion pounds ($1.73 billion), compared with a loss of GBP1.75 billion a year earlier.
Underlying operating profit—a key metric for the company that strips out exceptional and other one-off items—was GBP673 million, up from GBP125 million.
Rolls-Royce’s latest guidance for 2023 is for an underlying operating profit of between GBP1.2 billion and GBP1.4 billion. It expects 400 to 500 total engine deliveries for the year.
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Odd Culture Group brings a new kind of after-dark energy to the CBD, where daiquiris, disco and design collide beneath the city streets.
Odd Culture Group brings a new kind of after-dark energy to the CBD, where daiquiris, disco and design collide beneath the city streets.
2 minSydney’s nightlife has long flirted with reinvention, but its latest arrival suggests something more deliberate is taking shape beneath the surface.
Razz Room, the new underground bar and disco from Odd Culture Group, has opened in the CBD, marking the group’s first step into the city centre.
Tucked below street level on York Street, the venue blends cocktail culture with a shifting, late-night rhythm that moves from after-work drinks to full dancefloor immersion.
The space itself is designed to evolve over the course of an evening. An upper bar offers a more intimate setting, suited to early drinks and conversation, while a sunken dancefloor anchors the venue’s later hours, with a rotating program of DJs and live performances.
“Razz Room will really change shape throughout a single evening,” says Odd Culture Group CEO Rebecca Lines.
“Earlier, it’s geared towards post-work drinks with a happy hour, substantial food offering, and music at a level where you can still talk.”
As the night progresses, that tone shifts.
“As the evening progresses at Razz Room, you can expect the music to get a little louder and the focus will shift to live performance with recurring residencies and DJs that flow from disco to house, funk, and jazz,” Rebecca says.
The concept draws heavily on New York’s underground club scene before disco became mainstream, referencing venues such as The Mudd Club and Paradise Garage. But the intention is not nostalgia.
“The space told us what it wanted to be,” Lines explains. “Disco started as a counter culture… Razz Room is no nostalgia project, it’s a reimagining of the next era of the discotheque.”
Design, too, plays its part in shaping the experience. The upper level is warm and textural, with timber finishes and burnt-orange tones, while the sunken floor shifts into a more theatrical mood, combining Art Deco references with a raw, industrial edge.
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