Rolls-Royce Holdings plc Directorate Change
RNS Number : 0222P
Rolls-Royce Holdings plc
15 February 2021
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:
Director of External Communications & Brand, Rolls-Royce
Tel +44 (0) 7810 850055
Head of Investor Relations, Rolls-Royce plc
Tel +44 (0) 7880 160976
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
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
3. Annual underlying revenue was GBP15.3 billion in 2019, around
half of which came from the provision of aftermarket services.
4. In 2019, Rolls-Royce invested GBP1.45 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 GBP680,000
-- 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
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(END) Dow Jones Newswires
February 15, 2021 02:00 ET (07:00 GMT)