Rolls-Royce names Panos Kakoullis as CFO

Britain’s Rolls-Royce named Panos Kakoullis as its new chief financial officer, picking the former head of Deloitte’s audit and assurance practice to help navigate its cost-cutting and simplification as it tries to ride out COVID-19.

The pandemic has shattered Rolls-Royce’s finances because it is paid by airlines on flying by hours basis, and the company warned in January that the start of this year was even more difficult than expected.

The aero-engines maker said on Monday that Kakoullis would start on May 3. Current CFO Stephen Daintith, who resigned last year but agreed to stay until a replacement was found, will leave Rolls-Royce on March 19.

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 by look forward to benefitting from his expertise and experience as we deliver on our fundamental reorganisation,” East said.

Kakoullis joined Deloitte as a graduate and worked there until May 2019. He has since worked for PA Consulting.