Where to watch: Rolls-Royce boss Warren East faces reporters and shareholders including ValueAct
The bosses of Rolls-Royce are facing impatient shareholders keen on significant change in an announcement setting out the overhaul in the company. Chief executive Warren East, backed by chairman Ian Davis, has already published the highlights of the plans.
East's overhaul plan for the troubled engineering firm is expected to result in 2,000 senior management roles being axed, as an addition to the 3,600 job cuts earlier announced. With cost savings and major restructuring high on the agenda, he has made it clear the Rolls-Royce overhaul will be very thorough.
After the CEO issued the fifth profit warning in two years for Rolls-Royce in November, investor scrutiny intensified. The announcement sent the share price falling by more than 23%, while investors have already endured a significant fall of almost 50% since the 2015 peak in April.
Rolls-Royce has received the unenviable title of worst corporate communicator on the FTSE 100. The company's transparency and communications protocols are also expected to be revamped.
Indeed, the company's lack of transparency with shareholders has been thrown into bold relief by the fact that East's plans have been leaked to the media. When the company's former CEO John Rishton left the firm, rumours that he was pushed out also surfaced but no one was sure what was going on.
All eyes will also be on US activist investor group ValueAct, which now holds a Rolls-Royce stake of more than 10%, making it by far the biggest investor. It has already pushed for change at companies such as Microsoft.
The San Francisco-based hedge fund wants a seat on Rolls-Royce's board and has lobbied for cost cuts at the engineering company. The press conference and Q&A can be watched online from 3.30pm until 6pm GMT, using the link below:
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