Last checked at 15 Feb 2021 07:00
15 February 2021
Rolls-Royce Holdings plc
ROLLS-ROYCE ANNOUNCES CFO SUCCESSION
Rolls-Royce announces today that Panos Kakoullis has been appointed as Chief Financial Officer and Executive Director of Rolls-Royce Holdings plc, succeeding Stephen Daintith who is leaving Rolls-Royce, as previously announced with our interim results last year.
Panos has spent his career at Deloitte, which he joined as a graduate. 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. More recently Panos joined PA Consulting.
Warren East, CEO, said "We are delighted to announce the appointment of Panos as Chief Financial Officer who will join us in May this year. Panos delivered significant transformational change at Deloitte, streamlining and simplifying the business and we look forward to benefitting from his expertise and experience as we deliver on our fundamental reorganisation and secure a sustainable and prosperous future for Rolls-Royce."
Panos Kakoullis said "I am very excited to be joining Rolls-Royce at such a pivotal time. 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."
Panos will take up his new role on 3 May 2021. Stephen will leave Rolls-Royce on 19 March 2021, shortly after the publication of the Group's full year 2020 results. To support the Group in the period of transition between Stephen Daintith and Panos Kakoullis, Ben Fidler will be appointed as Interim CFO, he is currently acting as Deputy CFO and joined the Executive Team effective 1 January 2021. Ben joined Rolls-Royce in 2017 from Deutsche Bank and will continue to carry out his current responsibilities as Vice President of Business Performance in addition to his new role.
In accordance with the Listing Rules, there are no additional matters that would require disclosure under 9.6.13R of the Listing Rules of the UK Financial Conduct Authority in respect of the appointment of Panos Kakoullis.
For further information, please contact:
MediaRichard Wray
Director of External Communications & Brand, Rolls-Royce plc
Tel +44 (0) 7810 850055
Richard.Wray@Rolls-Royce.com
InvestorsIsabel Green
Head of Investor Relations, Rolls-Royce plc
Tel +44 (0) 7880 160976
Isabel.Green@Rolls-Royce.com
www.Rolls-Royce.com
About Rolls-Royce Holdings plc
1. Rolls-Royce pioneers cutting-edge technologies that deliver clean, safe and competitive solutions to meet our planet's vital power needs.
2. Rolls-Royce has customers in more than 150 countries, comprising more than 400 airlines and leasing customers, 160 armed forces, 70 navies, and more than 5,000 power and nuclear customers.
3. Annual underlying revenue was £15.3 billion in 2019, around half of which came from the provision of aftermarket services.
4. In 2019, Rolls-Royce invested £1.45 billion on research and development. We also support a global network of 29 University Technology Centres, which position Rolls-Royce engineers at the forefront of scientific research.
5. Full details of remuneration payable to Stephen Daintith will be disclosed at rolls-royce.com in compliance with section 430(2B) of the Companies Act 2006 on 19 March 2021.
6. The key elements of Panos Kakoullis' remuneration package are as follows:
· Base salary on appointment of £680,000
· A pension allowance of 12% of salary, aligned with the new hire rate for the wider UK workforce
· Incentive opportunities will be in line with the new remuneration policy to be disclosed in the 2020 Annual Report
7. Rolls-Royce Holdings plc LEI: 213800EC7997ZBLZJH69