Last checked at (Sharecast News) - Rolls-Royce on Tuesday said that non-executive director Bradley Singer, a representative of the aerospace and defence giant's largest shareholder, has stepped down from the board with immediate effect.
Singer, who serves as chief operating officer of San Francisco-based investment company ValueAct, had been a member of the FTSE 100 company's board for almost four years.
According to Thomson Reuters data, ValueAct holds a 9.35% stake in the British car manufacturer.
Chairman Ian Davis said: "I would like to thank Brad for his service to the company since joining the board in 2016. He has played a key role on the board throughout that time, offering a valued external perspective and helping us to drive progress in our efforts to transform Rolls-Royce.
"I and all my colleagues have appreciated Brad's insight and commitment to the company and it has been a pleasure to work alongside him."
At 0930 GMT, the shares were down 4.5% at 692.60p.
16 Jan 2024 09:02
Berenberg lowers Rolls-Royce to 'sell'
(Sharecast News) - Analysts at Berenberg lowered aerospace and defence giant Rolls-Royce to 'sell' from 'hold' on Tuesday, citing an unfavourable risk/reward scenario, but marked up their target price on the stock from 100.0p to 240.0p.
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