15th Feb 2021 08:12
(Alliance News) - Rolls Royce Holdings PLC on Monday confirmed it has hired Panos Kakoullis, a former partner at accountancy firm Deloitte, as its next chief financial officer, replacing Stephen Daintith who is leaving to work for online grocer Ocado Group PLC.
The FTSE 100-listed jet engine manufacturer noted Panos has worked with "a wide range of multinational corporations combining audit, advisory and transaction services. He was Global Head of Deloitte's Audit and Assurance Practice until May 2019.
"We are delighted to announce the appointment of Panos as chief financial officer. Panos delivered significant transformational change at Deloitte, streamlining and simplifying the business and we look forward to benefiting from his expertise and experience as we deliver on our fundamental reorganisation and secure a sustainable and prosperous future for Rolls-Royce," said Chief Executive Warren East.
Separately, fellow FTSE 100-listed Ocado confirmed that Daintith - whose departure from Rolls was announced in August having been appointed just under four years before - will start as CFO on March 22.
Daintith will leave Rolls-Royce on March 19 after the company posts its annual results, with Kakoullis to join the company on May 3.
Deputy CFO Ben Fidler has been named interim CFO for the transition period. He joined Rolls-Royce in 2017 from Deutsche Bank AG.
Shares in Rolls were trading 0.6% higher at 93.43 pence each early Monday morning in London, down 60% from 234.38 at this time a year ago. Ocado shares were trading 0.5% lower at 2,606.00 pence each.
Rolls-Royce is suffering from from the Covid-19 pandemic's impact on air travel. Earlier this month its was reported to be planning to shut down its jet engine factories this summer due to insufficient work, the first time it has ever taken such a step.
By Ife Taiwo; [email protected]
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