Rolls-Royce Holdings PLC (RR.L)
15 Dec 2017
Latest Key Developments (Source: Significant Developments)
Rolls-Royce Holdings Plc
Daily Mail And General Trust Plc
Rolls-Royce Holdings PLC:Rolls-Royce, the British engineering company under pressure after consecutive profit warnings, said on Thursday it would shed more senior managers as part of its turnaround plan.The company, which makes engines used to power aeroplanes and ships, is reducing its senior manager count by 150 under plans revealed to staff on Thursday, on top of the 50 positions it has said it would cut in the last four months.Warren East, brought in as chief executive in July to help revive the company, announced a restructuring programme last November with the aim of saving between 150 million pounds and 200 million pounds a year, streamlining senior management and improving decision making.Before the restructuring started, Rolls-Royce had about 2,000 senior managers, and the review of that group is still ongoing."Our ongoing transformation programme is designed to remove complexity and reduce cost by simplifying our processes as well as our structure," a spokeswoman for the company said. Full Article
Rolls-Royce Holdings PLC:Rolls-Royce Holdings PLC's RR.L Chief Executive will on Friday announce job cuts from his 2,000 strong senior manager team, the Financial Times reported - RTRS.Most of the "few dozen" job cuts will affect those who report directly to CEO Warren East or his main executive team, the FT reported - RTRS.Warren East faces intense pressure to reverse the fortunes of the British jet-engine maker, not only because of 4 profit warnings - RTRS.but also because U.S. activist investor ValueAct, which has amassed a 10% stake in the company, is pressing for a board seat and divestment of the company's marine engine business - RTRS.Some of Rolls-Royce's biggest investors have indicated that they would welcome ValueAct as a board member, although others remain opposed, the FT said. - RTRS.In November last year, East said it was a matter for the board to decide whether the hedge fund would be given a seat. - RTRS.San Francisco based ValueAct has been pushing the company to focus on its main aero-engine business, which contributes about half the firm's profits - RTRS. Full Article
BRUSSELS The United States is urgently calling for clarity on which aviation safety regime the British aerospace industry will operate under after the country leaves the European Union, to avoid increased certification costs for airlines and manufacturers.
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