Rolls-Royce names Daily Mail's Stephen Daintith as new CFO
Britain's Rolls-Royce named Stephen Daintith as its new chief financial officer as CEO Warren East completes a shake-up of his executive team at the aerospace and defence company which is in the middle of a turnaround.
Daintith, who is currently CFO at Daily Mail and General Trust, will replace Rolls-Royce's incumbent finance boss David Smith in 2017, Rolls-Royce said in a statement on Thursday.
Daintith will join Rolls-Royce as East, who took the reins in July 2015, tries to streamline the company after difficulties in its aero-engine and marine businesses mean that profit is expected to halve this year.
Smith was appointed by East's predecessor John Rishton in 2014 and will leave Rolls-Royce to pursue other business interests, the company said.
Daintith, 52, is Rolls-Royce's second top management appointment in as many weeks, after the company said British high-speed rail boss Simon Kirby would be its new Chief Operating Officer earlier in September.
Daintith has been at the Daily Mail publisher since 2011, having previously been CFO at News International, publisher of The Times newspaper amongst others.
East said Daintith's restructuring experience would be valuable to Rolls-Royce.
"His (Daintith's) 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," East said.
Daintith will be paid an annual salary of 680,000 pounds ($888,284) at Rolls-Royce plus a potential performance share award of 225 percent of his salary.