Last checked at 22 Sep 2016 07:45
22 September 2016
[The following amendment has been made to the 'Rolls-Royce appoints Stephen Daintith as Chief Financial Officer' announcement released on 22.09.2016 at 0700 under RNS No. 5048K.
Correction to amend final paragraph. Full details of Stephen Daintith's remuneration will be included in the 2016 Directors' Remuneration Report, not in the 2017 Directors' Remuneration Report as originally reported.
All other details remain unchanged.
The full amended text is shown below.
ROLLS-ROYCE APPOINTS STEPHEN DAINTITH
AS CHIEF FINANCIAL OFFICER
Rolls-Royce announced today that Stephen Daintith has been appointed Chief Financial Officer and as an executive director of Rolls-Royce Holdings plc. Stephen will take up his new role in 2017, succeeding David Smith who will leave Rolls-Royce after three years to pursue other business interests. David will remain in post into the New Year to ensure an effective transition.*
Stephen Daintith is currently Chief Financial Officer of Daily Mail & General Trust plc. Previously he was employed by News International as Chief Financial Officer and Chief Operations Officer of Dow Jones & Co. His earlier career was spent working internationally in a number of senior positions at British American Tobacco, also at Forte, the Civil Aviation Authority and PriceWaterhouse Coopers.
Stephen Daintith, said: "I am extremely excited to be joining one of the world's great engineering companies. Rolls-Royce has built powerful positions in expanding global markets and has outstanding prospects for long-term growth. I am looking forward to playing my part in ensuring the growth which lies ahead is increasingly profitable and cash generative. Warren is driving a transformation programme that I entirely support. I am proud and pleased to be joining him on the Board to deliver the next stage of this business critical process."
Warren East, Rolls-Royce, Chief Executive, said: "I am delighted to welcome Stephen to Rolls-Royce as Chief Financial Officer and as a Board colleague. His deep understanding of international business and his record of achievement in change management are particularly relevant to Rolls-Royce as we build our business and respond to the growing global requirement for our technology.
"I would like to thank David Smith for his valuable support over the past three years. David has made an important contribution to restoring confidence in the business, improving financial systems and delivering the early stages of our transformation. I and the rest of the Rolls-Royce team wish him every success in the future."
Stephen Daintith is currently an executive director of Daily Mail & General Trust plc ('DMGT') having been appointed to its Board of directors in March 2011. He is a member of the Euromoney Institutional Investor plc Audit Committee, and a non-executive director of Zoopla Property Group plc, both of which are associated companies of DMGT. Stephen will stand down from these positions before joining Rolls-Royce. He will become a non-executive director of 3i Group plc with effect from 1 October 2016, as previously announced by 3i. There are no other details to disclose relating to Stephen Daintith under paragraph 9.6.13 of the Listing Rules.
The remuneration details relating to David Smith required to be made available under section 430 (2B) of the Companies Act 2006, and the key elements of Stephen Daintith's remuneration, are published on the Rolls-Royce website www.rolls-royce.com/about/who-we-are/corporate-governance.aspx
Full details of Stephen Daintith's remuneration will be included in the 2016 Directors' Remuneration Report.
\* The effective date of Stephen Daintith's appointment, and the precise date that David Smith will leave Rolls-Royce, are not yet known and will be notified once decided.
About Rolls-Royce Holdings plc
1. Rolls-Royce's vision is to be the market-leader in high performance power systems where our engineering expertise, global reach and deep industry knowledge deliver outstanding customer relationships and solutions. We operate across five businesses: Civil Aerospace, Defence Aerospace, Marine, Nuclear and Power Systems.
2. Rolls-Royce has customers in more than 120 countries, comprising more than 400 airlines and leasing customers, 160 armed forces, 4,000 marine customers including 70 navies, and more than 5,000 power and nuclear customers.
3. We have three common themes across all our businesses:
· Investing in and developing engineering excellence
· Driving a manufacturing and supply chain transformation which will embed operational excellence in lean, lower-cost facilities and processes
· Leveraging our installed base, product knowledge and engineering capabilities to provide customers with outstanding service through which we can capture aftermarket value long into the future.
4. Annual underlying revenue was £13.4 billion in 2015, around half of which came from the provision of aftermarket services. The firm and announced order book stood at £76.4 billion at the end of 2015.
5. In 2015, Rolls-Royce invested £1.2 billion on research and development. We also support a global network of 31 University Technology Centres, which position Rolls-Royce engineers at the forefront of scientific research.
6. Rolls-Royce employs over 50,000 people in more than 46 countries. Nearly 15,700 of these are engineers.
7. The Group has a strong commitment to apprentice and graduate recruitment and to further developing employee skills. In 2015 we employed 228 graduates and 277 apprentices through our worldwide training programmes.
For further information, please contact:
Investors: Media:
John Dawson Richard Wray
Director - Investor Relations Director of External Communications
Rolls-Royce plc Rolls-Royce plc
Tel: +44 (0)20 7227 9282 Tel: +44 (0)20 7227 9163
jcdawson@rolls-royce.com richard.wray@rolls-royce.com
www.Rolls-Royce.com