Aerospace giant Rolls-Royce have appointed a representative from shareholder ValueAct to the board, with immediate effect.
Bradley Singer, ValueAct’s chief operating officer, will become a non-executive director from today. ValueAct, the San Francisco-based investment company, own a 10.8 percent stake in Rolls Royce, making them the company’s biggest shareholder.
The appointment comes as part of Rolls-Royce CEO Warren East’s shake-up of the company, which has issued a string of profit warnings over the last year as demand weakens and low oil prices hit. Rolls Royce is expected to see a 50 profit decrease this year, as trading conditions proved difficult in 2015.
Rolls-Royce (LON:RR) shares rose after the announcement, but have since sunk back into negative figures, trading down 0.95 percent at 676.50 (1232GMT).
02/03/2016
