Britains RollsRoyce named Panos Kakoullis as its new chief financial officer, picking the former head of Deloittes audit and assurance practice to help steer its costcutting and simplification as it tries to ride out COVID19.
The pandemic has shattered RollsRoyces finances because it is paid by airlines on a flyinghours basis, and the company warned in January that the start of this year was even more difficult than expected.
The aeroengines maker said Kakoullis would start on May 3.
Chief Executive Warren East said his experience made him a good fit.
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, East said.
Rollss current CFO Stephen Daintith, who resigned last year after being poached by online retailer group Ocado, will leave RollsRoyce on Mar. 19. Ben Fidler, currently acting deputy CFO, will be interim CFO in the six weeks until Kakoullis arrives.
Jefferies analyst Sandy Morris said of the appointment We suspect the market might have been more immediately reassured by a familiar name, one with corporate experience, but it is hard to question Mr Kakoulliss experience, technical credentials and knowledge of driving the adoption of AI and advanced analytics.
Despite the deepening travel crisis due to new strains of the coronavirus, Rolls has said its liquidity of 9 billion pounds gives…