Rolls-Royce to lose Tony Wood during 2016 restructuring

As a consequence of Rolls-Royce setting about a major restructuring of the Company, the current aerospace president, Tony Wood, who has been with Rolls Royce for 15 years, will be leaving, though who has agreed to stay on into 2016 to help with the transition.
From the 1st January, Rolls-Royce’s principal activities will be consolidated into five principal businesses: civil aerospace, defense aerospace, marine, nuclear and power systems, while they will also be removing a “senior management layer” in the process.
The restructuring will see the merger of civil large engines (CLE) with civil small and medium engines’ (CSME) businesses into a single civil aerospace entity which will be headed up by Rolls-Royce’s current CLE president, Eric Schulz, under the title of President of Civil Aerospace.
Colin Smith, presently the Company’s group director of engineering & technology has been named as Group President, which will take effect from the 1st January, while Chris Barkey, who is the current director of CLE of engineering, will be taking over the position vacated by Smith. As another part of the management reshuffle, Rolls-Royce will name a new COO in 2016.
According to Warren East, Rolls-Royce CEO, “The changes we are announcing today are the first important steps in driving operational excellence and returning Rolls-Royce to its long-term trend of profitable growth.”
According to Rolls Royce, the Company is implementing these radical changes in order to simplify the organization, “intensify leadership focus on operational performance,” and to “clarify executive accountabilities” as it looks to reduce annual costs by £150-£200 million (US$227-US$303 million) for the year 2007 and beyond. Recently investors in the Company had been unsettled by the issuing of five profits warnings in two years the result of which triggered the proposed restructuring which was announced on the 12th November this year. According to Rolls-Royce, a further update will be provided in February 2016.