Luxury car maker Rolls-Royce is planning to cut 4,600 jobs over the next two years in an effort to cut costs and maximize profit, according to CEO Warren East. Reuters reports that East wants to overhaul the brand's image and focus on its aviation engineering sector.
The job cuts are the largest yet for Rolls-Royce since 2001 when an aviation crisis took place after the 9/11 attacks. The roles being removed are largely in the corporate and management area of the company and will save an estimated $536 million by 2020. "We have to significantly reduce the size of our corporate center, removing complexity and duplication that makes us too slow, noncompetitive and too expensive," said East to reporters.
The cuts will remove at least 10% of the Rolls-Royce workforce worldwide.