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Rolls-Royce CEO to announce culling of senior managers -FT

Reuters - UK Focus

(Adds comment from Rolls-Royce)

Jan 28 (Reuters) - Rolls-Royce Holdings PLC's Chief Executive will on Friday announce job cuts from his 2,000 strong senior manager team, the Financial Times reported.

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. (http://on.ft.com/1SlQH9a)

Warren East faces intense pressure to reverse the fortunes of the British jet-engine maker, not only because of four profit warnings, but also because U.S (Other OTC: UBGXF - news) . activist investor ValueAct, which has amassed a 10 percent stake in the company, is pressing for a board seat and divestment of the company's marine engine business.

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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.

In November last year, East said it was a matter for the board to decide whether the hedge fund would be given a seat.

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.

In reply to an email query from Reuters, Rolls-Royce said that the restructuring would result "in a small number of people leaving the business", and is part of a cost-cutting programme announced in November 2015. (Reporting by Ankush Sharma in Bangalore; Editing by Elaine Hardcastle)