Rolls-Royce assigns Deloitte’s Panos Kakoullis as its new CFO

Rolls-Royce has a new chief financial officer, and this was revealed last weekend. The luxury carmaker appointed Panos Kakoullis, the company’s former Deloitte partner, as its CFO.

Then again, the formal announcement for the latest company executive assignment has yet to take place. Based on the report, Rolls-Royce will release a statement this week.

Kakoullis’ assignment details

Sky News reported that Panos Kakoullis had been chosen to be the next CFO almost six months after Stephen Daintith said that he is leaving Rolls-Royce. His announcement came while the company faces many issues and losses due to the pandemic.

Daintith was said to have given up his Rolls-Royce post to join Ocado, a British online grocery and tech company. Apparently, Kakoullis will be sitting down as the finance chief at the most challenging time for the firm. He now has to work harder to get the company back on its feet despite the grounded planes and other issues.

Rolls-Royce is expected to notify the London Stock Exchange about Panos Kakoullis’ assignment on Feb. 15 or 16. In any case, the British company could not be reached for comments about its new CFO appointee.

About the new CFO

Meanwhile, a few details about Kakoullis is available, and here are few facts about the incoming Rolls-Royce CFO. For starters, he has worked at Deloitte, a leading audit, consulting, tax, and accounting advisory service company, for 30 years.

As per Reuters, Panos Kakoullis was a Rolls-Royce partner at Deloitte UK for over 20 years. He has been the managing director of the global audit and assurance business for four years, from 2015-2019. He earned his Master of Arts degree at the University of Cambridge in 1989.

Daintith resigned in August, but he is staying at Rolls-Royce for the transition period. He is expected to remain as CFO until Kakoullis takes over.

The appointment of the new finance chief is not the only change in the company’s board this year. Rolls-Royce is also looking for its new chairman because Ian Davis is already retiring next year. It was said that Kevin Smith, the firm’s senior director, is overseeing the recruitment.