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27 Aug 2020 07:05
Rolls-Royce Holdings plc
27 August 2020
DIRECTORATE CHANGE
RESIGNATION OF STEPHEN DAINTITH, CFO
Stephen Daintith has informed the Board that he has decided to leave the Company to take up another opportunity and is therefore resigning as Chief Financial Officer (CFO) and Executive Director. The Board has begun a process to identify and appoint a successor.
Stephen will remain in his role to support an orderly transition and ensure the effective delivery of the £1bn of cost mitigations targeted this year in response to COVID-19. A further announcement will be made in due course.
Sir Ian Davis, Chairman, said: "Stephen has been a valued member of the Board and the management team and has made a huge contribution to the success of the business, especially in response to the pandemic by taking rapid action to strengthen our liquidity. On behalf of the Board, I would like to thank him for his hard work and dedication and wish him every success in the future."
Warren East, Chief Executive Officer, said: "Stephen has played an instrumental role, working closely alongside me, to strengthen our financial discipline. He has seen us through a time of significant challenge and transformation over the last three years, not least in recent months as we have taken swift action to ensure the Group's immediate future. I wish him well."
Stephen Daintith, Group Chief Financial Officer, said: "I have hugely enjoyed the last three years with Rolls-Royce. While it was a very difficult decision to leave at what remains a very challenging time for the whole industry, I know the actions taken by the whole management team will help Rolls-Royce deliver improved returns. I look forward to seeing Rolls-Royce emerging from this period a stronger and more robust company."
Stephen Daintith was appointed in September 2016 and joined the Board in April 2017.
For further information please contact:
Investors: Media:
Isabel Green +44 7880 160976 Richard Wray +44 7810 850055
Pamela Coles, Chief Governance Officer (+44 (0) 7770 684003)
Rolls-Royce Holdings plc LEI: 213800EC7997ZBLZJH69
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