31st Aug 2021 06:59
(Alliance News) - Rolls-Royce Holdings PLC's biggest investor, Causeway Capital Management LLC, has urged the London-based aerospace and defence system engineer to refresh its board, the Financial Times reported on Monday.
Causeway portfolio manager Jonathan Eng told Financial Times that the board needs to be reviewed as the company emerges from one of the industry's worst-ever downturns.
"I really believe the board needs some fresh thinking. The company is facing some challenges," Eng told Financial Times.
Eng urged incoming chair Anita Frew to consider whether the board had the right expertise, but added that the existing board was "fine for what it was".
https://www.ft.com/content/57814c80-74b1-4638-a65b-1b1885692f29?segmentId=bf7fa2fd-67ee-cdfa-8261-b2a3edbdf916
Earlier this month, Rolls-Royce swung to first half profit and said it was on track to make over GBP1 billion in cash savings this year, as it presses ahead with its restructuring programme.
California-based Causeway owns just under a 9% stake in the jet engine maker.
By Josie O'Brien; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Rolls-Royce