Rolls-Royce appoints Stephen Daintith as Chief Financial Officer

Eleanor Steed
By Eleanor Steed September 22, 2016 18:43

Rolls-Royce appoints Stephen Daintith as Chief Financial Officer

Rolls-Royce has appointed Stephen Daintith as Chief Financial Officer and as an executive director of the company. 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. Previously he was employed by News International as Chief Financial Officer and Chief Operations Officer of Dow Jones. 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 (DMGT) having been appointed to its Board of directors in March 2011. He is a member of the Euromoney Institutional Investor Audit Committee, and a non-executive director of Zoopla Property Group, 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.

Daintith will receive a base salary of £680,000.

Eleanor Steed
By Eleanor Steed September 22, 2016 18:43