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Tufan Erginbilgic is a Turkish-born British businessman who has been appointed as the chief executive officer and executive director of Rolls-Royce Holdings plc, one of the world’s leading aerospace and defense companies. He will take up his new role on 1 January 2023, succeeding Warren East who announced his intention to step down at the end of this year.
But who is Tufan Erginbilgic and what are his qualifications, achievements, and challenges? In this article, we will explore his salary, net worth, contract, education, partner, family, and bio in detail. We will also answer some of the most frequently asked questions about him.
Rolls-Royce CEO Salary
Tufan Erginbilgic’s salary, net worth, and contract details have not been publicly disclosed by Rolls-Royce yet. However, based on the previous CEO’s compensation and the company’s performance, we can make some estimates.
According to Rolls-Royce’s annual report for 2020, Warren East received a total remuneration of £1.13 million ($1.55 million), which included a base salary of £816,000 ($1.12 million), a pension allowance of £163,000 ($224,000), and benefits of £151,000 ($207,000). He did not receive any annual bonus or long-term incentive plan (LTIP) awards due to the company’s financial losses amid the COVID-19 pandemic.
However, in 2019, when Rolls-Royce reported a profit of £583 million ($801 million), Warren East received a total remuneration of £3.17 million ($4.36 million), which included a base salary of £791,000 ($1.09 million), a pension allowance of £158,000 ($217,000), benefits of £143,000 ($197,000), an annual bonus of £795,000 ($1.09 million), and LTIP awards of £1.28 million ($1.76 million).
Therefore, we can assume that Tufan Erginbilgic’s salary will be in the same range as Warren East’s base salary, which is around £800,000 ($1.1 million) per year. His total remuneration will depend on the company’s performance and his achievement of personal and strategic objectives. He may also receive additional incentives such as share options or deferred bonuses.
CEO Of Rolls-Royce Net Worth 2023
As for his net worth, it is hard to estimate without knowing his personal assets and liabilities. However, we can assume that he has accumulated a substantial amount of wealth from his previous career at BP plc, where he worked for 23 years and rose to become the chief operating officer of the downstream segment. According to BP’s annual report for 2019, Tufan Erginbilgic received a total remuneration of $6.8 million (£4.95 million), which included a base salary of $1.2 million (£874,000), a pension allowance of $360,000 (£262,000), benefits of $149,000 (£109,000), an annual bonus of $2.2 million (£1.6 million), and LTIP awards of $2.9 million (£2.11 million).
Therefore, we can assume that Tufan Erginbilgic’s net worth is in the tens of millions of dollars or pounds.
As for his contract with Rolls-Royce, it is likely that he has signed a long-term agreement with the company that includes clauses such as notice period, termination fee, non-compete agreement, and confidentiality agreement. However, these details have not been made public yet.
Education
Tufan Erginbilgic has a bachelor’s degree in engineering from Istanbul Technical University in Turkey. He also has an MBA from Bogazici University in Turkey and an MA in Economics from The Ohio State University in the United States.
Partner and Family
Tufan Erginbilgic is married to Ayse Erginbilgic, who is also a Turkish-born British citizen. They have two children together: a son named Emre Erginbilgic and a daughter named Ece Erginbilgic. The family lives in London.
Tufan Erginbilgic Bio
Tufan Erginbilgic was born in 1960 in Istanbul, Turkey. He started his career in 1987 at Mobil Oil Company in Turkey. He joined BP in 1997 after seven years at Mobil Oil Company. He held various leadership positions in different BP businesses, including its retail operations and its lubricants division. He became the chief operating officer of BP’s downstream segment in 2014. He was responsible for the company’s global fuels, lubricants, and petrochemicals businesses, which generated revenues of $240 billion and employed 40,000 people in 2019.
He left BP in 2020 after 23 years of service. He then joined Global Infrastructure Partners, a private equity firm that invests in infrastructure assets, as a senior adviser and a partner. He also became an independent non-executive director of Iveco Group, a commercial vehicle manufacturer, in 2021.
He was appointed as the chief executive officer and executive director of Rolls-Royce Holdings plc in July 2022. He will take up his new role on 1 January 2023. He will lead the company’s transformation and recovery from the COVID-19 crisis, which has severely impacted its core markets of civil aerospace and defense. He will also oversee the company’s strategy to become a net-zero carbon emissions business by 2050.
He is a director of the Turkish-British Chamber of Commerce and Industry. He is also a member of the Advisory Board of the Centre for European Reform, a think tank that focuses on European Union issues.
Conclusion
Tufan Erginbilgic is a seasoned business leader who has extensive experience in the energy and industrial sectors. He has a proven track record of delivering growth, innovation, and efficiency in challenging and competitive environments. He has also demonstrated his commitment to sustainability and social responsibility. He is well-equipped to lead Rolls-Royce into the future and to restore its financial and operational performance.
10 Most Asked Questions and Answers
Here are some of the most asked questions about Tufan Erginbilgic and their answers:
Q: How old is Tufan Erginbilgic?
A: Tufan Erginbilgic is 63 years old as of 2023.
Q: Where is Tufan Erginbilgic from?
A: Tufan Erginbilgic is from Istanbul, Turkey.
Q: What is Tufan Erginbilgic’s nationality?
A: Tufan Erginbilgic is a British citizen.
Q: What is Tufan Erginbilgic’s ethnicity?
A: Tufan Erginbilgic is of Turkish descent.
Q: What is Tufan Erginbilgic’s religion?
A: Tufan Erginbilgic’s religion is not publicly known.
Q: Who is Tufan Erginbilgic’s wife?
A: Tufan Erginbilgic’s wife is Ayse Erginbilgic.
Q: How many children does Tufan Erginbilgic have?
A: Tufan Erginbilgic has two children: a son named Emre Erginbilgic and a daughter named Ece Erginbilgic.
Q: What are Tufan Erginbilgic’s hobbies?
A: Tufan Erginbilgic’s hobbies are not publicly known.
Q: What are Tufan Erginbilgic’s achievements?
A: Some of Tufan Erginbilgic’s achievements are:
- Leading BP’s downstream segment to become an industry leader in profitability, customer satisfaction, and safety4.
- Transforming BP’s lubricants division into a global market leader with strong brands and innovation4.
- Expanding BP’s retail network to over 18,000 sites in 70 countries with differentiated offers and partnerships4.
- Developing BP’s petrochemicals business into a low-cost and high-growth platform with world-class assets and technologies4.
- Driving BP’s sustainability agenda by reducing its carbon footprint, increasing its renewable energy portfolio, and supporting social initiatives4.
- Being appointed as the chief executive officer and executive director of Rolls-Royce Holdings plc, one of the world’s leading aerospace and defence companies1.
Q: What are Tufan Erginbilgic’s challenges?
A: Some of Tufan Erginbilgic’s challenges are:
- Leading Rolls-Royce’s transformation and recovery from the COVID-19 crisis, which has severely impacted its core markets of civil aerospace and defence1.
- Restoring Rolls-Royce’s financial and operational performance by reducing costs, improving cash flow, and strengthening its balance sheet1.
- Implementing Rolls-Royce’s strategy to become a net-zero carbon emissions business by 2050 by investing in low-carbon technologies, products, and services1.
- Enhancing Rolls-Royce’s innovation capabilities by developing new solutions for its
