Bosses ‘secretly’ want staff back in the office, CBI chief says

Rolls-Royce’s new CEO has delivered a blistering message about the aviation giant’s future, telling staff it is a “burning platform”.

Tufan Erginbilgic warned employees that investors are losing patience with the company, saying “We are underperforming every major competitor out there”.

In a global speech broadcast to staff, portions of which were shared with the Financial timessaid Mr Erginbilgic, “every investment we make, we destroy value”, adding that the company’s performance was “unsustainable”.

The Turkish-British national took over the leadership of the 117-year-old group from Warren East in early January.

Speaking at Rolls-Royce’s UK production site in Derby, Rolls-Royce’s new CEO may have laid the groundwork for a shake-up of the historic British engineering firm.

While delivering a brutal speech, Tufan Erginbilgic reportedly said the company’s performance was “unsustainable”, adding:

It’s on one level [at which] it can’t go on.

Rolls-Royce has not performed for a very, very long time, it has nothing to do with Covid, let’s be very clear. Covid caused a crisis, but the issue in question has nothing to do with it.

Given everything I know about talking to investors, this is our last chance.