2nd Mar 2016 07:20
LONDON (Alliance News) - Rolls-Royce Holdings PLC on Wednesday said it has appointed a representative of hedge fund ValueAct Capital to its board, yielding to the demands of the activist investor.
ValueAct built up a stake in Rolls-Royce last year after the aerospace group delivered a series of profit warnings, driving down its share price.
The fund now owns around an 11% stake in the FTSE 100 engineer and has been pushing for a seat on the board. On Wednesday, it won that battle as Bradley Singer, a ValueAct partner and chief operating officer, was appointed as a non-executive director.
He will take on the role with immediate effect and will be a member of Rolls-Royce's Science & Technology Committee.
"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," said Rolls-Royce Chairman Ian Davis.
"It is a privilege to be joining the board and I look forward to working closely with the board members and management team as they execute their plans for sustained long-term success," Singer added.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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