Rolls-Royce's performance 'unsustainable', says CEO Tufan Erginbilgic

The new CEO Erginbilgic told employees that they lose money in every investment and investors were losing patience with the engineering group

Rolls-Royce's performance is 'unsustainable' and it is underperforming every key competitor, the new Chief Executive Officer Tufan Erginbilgic said in a global address to staff, as reported by the Financial Times (FT). 

"It is at a level [at which] it cannot continue. Rolls-Royce has not been performing for a long, long time, it has nothing to do with Covid, let's be very clear. Covid created a crisis, but the issue in hand has nothing to do with it," he said.

He told employees that they were losing money in every investment, and investors were losing patience with the engineering group.