Rolls-Royce taps Deloitte exec as CFO

Dive Brief:

London-based luxury automaker Rolls-Royce Holdings has named Panos Kakoullis incoming CFO and Executive Director. Kakoullis will succeed outgoing CFO Stephen Daintith on May 3.
Kakoullis arrives after more than 30 years at Deloitte. He worked with a wide range of multinational corporations combining audit, advisory and transaction services and was, until May 2019, global head of Deloitte's audit and assurance practice, Rolls-Royce said in a statement.
"Panos delivered significant transformational change at Deloitte, streamlining and simplifying the business, and we look forward to benefiting from his expertise and experience," Rolls-Royce CEO Warren East said.

Dive Insight:

"I am very excited to be joining Rolls-Royce at such a pivotal time," Kakoullis said in a statement. "I have great admiration for Warren, the wider leadership team and the business as a whole and am proud to become part of the team."

Daintith announced his resignation from the company on August 27, 2020, citing a new opportunity. His departure came just after the company posted a £5.4 billion ($7.5 billion) half-year pre-tax loss.

Rolls-Royce maintains civil aerospace and defense divisions in the United Kingdom; its entire aviation portfolio was gravely hit by the coronavirus.

"The market might have been more immediately reassured by a familiar name, one with corporate experience," Jefferies analyst Sandy Morris said, according to Reuters. "But it is hard to question Mr. Kakoullis's experience, technical credentials and knowledge of driving the adoption of AI and advanced analytics."

Daintith will leave Rolls-Royce on March 19, 2021, shortly after the company publishes its full year 2020 results, which it expects will fall short of expectations as the pandemic continues.

"Enhanced restrictions are delaying the recovery of long-haul travel over the coming months compared to our prior expectations, placing further financial pressure on our customers and the wider aviation industry, all of which are impacting our own cash flows in 2021," the company said in January.

During the six-week period of transition between Stephen Daintith and Panos Kakoullis, acting Deputy CFO Ben Fidler will be appointed Interim CFO.

Fidler joined Rolls-Royce in 2017 after over 20 years at Deutsche Bank. He will continue carrying out his current responsibilities as Vice President of FP&A throughout the transition, the company said.

Representatives for Rolls-Royce and for Kakoullis declined to comment.