You are here
Home > Business > Rolls-Royce hires Daily Mail

Rolls-Royce hires Daily Mail

Rolls-Royce

Rolls-Royce hires Daily Mail

David Smith to leave engineering group after three years to ‘pursue other interests’, company says in stock market statement. A shakeup of Rolls-Royce, the engineering group, has claimed another victim with the chief executive, Warren East, replacing his chief financial officer. The company said Smith would leave after three years as CFO to pursue other business interests.

Rolls-Royce
Rolls-Royce

Stephen Daintith

British engineering company Rolls-Royce named Stephen Daintith as its new Chief Financial Officer, announcing that the current Daily Mail and General Trust CFO will replace incumbent finance boss David Smith in 2017. Rolls-Royce appointed Simon Kirby as its new Chief Operating Officer earlier in September. Daintith has spent much of his career in media, including previous positions at News Corp. and Dow Jones & Co. LONDON–Rolls-Royce Holdings PLC said Thursday it has appointed Daily Mail & General Trust PLC’s Chief Financial Officer Stephen Daintith to replace CFO David Smith who is leaving the British aircraft engine maker after three years to pursue other business interests.

Company’s workforce

The company’s workforce fell from 54,100 in 2014 to 50,500 in 2015, according to its latest annual report, with more cuts still to come. He will receive another 12 months’ salary from Rolls due to his contractual notice period, which includes the extra months he will continue to work for the company. East, the former boss of technology company Arm, said: “I am delighted to welcome Stephen to Rolls-Royce as chief financial officer and as a board colleague.

Oil’s Effects

The U.K. manufacturer has suffered amid stuttering demand for engines that power regional planes, business jets and older wide-body aircraft. Rolls-Royce rose as much as 1.7 percent and was trading up 1.2 percent at 734.5 pence as of 1:34 p.m. in London, reversing a decline earlier in the day. Top executive changes have included the naming earlier this month of Simon Kirby, previously head of the U.K.’s High Speed 2 railway, as Rolls-Royce’s first chief operating officer, as well as the appointment late last year of a new civil-aerospace division chief and the split-up of the marine and power-systems business into separate units.

The CEO is also revising Rolls-Royce’s financial-disclosure policies following five profit warnings, including two since he took office in July 2015. Daintith said he was “extremely excited to be joining one of the world’s great engineering companies” and that East is “driving a transformation programme that I entirely support”.

Rolls-Royce hires Daily Mail

Leave a Reply

Top