According to reports, famed British automobile maker, Rolls Royce, is cutting jobs at senior levels and operations are going to be completely restructured.
Rolls Royce needs no introduction. One of the most iconic and famed engine and car manufacturers, the British giant is set to cut jobs of senior staff members along with overhauling operations comprehensively. This move has come after multiple profit warnings. Rolls Royce is currently struggling to post profits despite being synonymous with luxury and premium quality worldwide.
According to reports, the new chief executive of Rolls Royce, Warren East, has recently stated how there would be a brand new operational framework in place. He also stated how the procedure would start from the executive lineup that will help him implement these changes all throughout the business. Shares of Rolls Royce witnessed a steep drop by 19.6% in November post the fourth profit warning delivery by the company. This was majorly due to flagging demand in non automobile markets like marine and aerospace.
Shares have gone up a little from last month and are trading at approximately 540.00 pence as of Tuesday. However, they are still lower in comparison to the year’s peak value of 1, 054 pence in April.