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Aerospace

Executive of activist investor ValueAct joins Rolls-Royce

Rolls-Royce has appointed Bradley Singer as a non-executive director

An executive of US activist investor ValueAct Capital has joined the board of troubled jet engine maker Rolls-Royce (LON:RR.).

Rolls said it had apppointed ValueAct partner and chief operating officer Bradley Singer to its board as a non-executive director.

Former Goldman Sachs investment banker Singer will also become a member of the company's science and technology committee.

ValueAct Capital is currently the largest investor in Rolls with a shareholding of 10.8%.

The move is likely to increase the pressure on Rolls to restructure itself following a number of profit warnings and a downturn in its lucrative aerospace after-sales business.

New chief executive Warren East has launched a shake-up involving cutting thousands of jobs and removing layers of senior management.

Rolls's chairman Ian Davis said: "Bradley Singer has an outstanding record as a business leader.

"He brings with him experience of public companies during periods of change, growth and significant financial outperformance, particularly in the US where Rolls-Royce has important business interests and a significant shareholder base."

Singer said: "I look forward to working closely with the board members and management team as they execute their plans for sustained long-term success."

Shares in Rolls fell 7.5p, or 1.1%, to 675.5p.

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