Rolls-Royce replaces CFO in broad executive-level shake-up By Investing.com

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Rolls-Royce replaces CFO in broad executive-level shake-up

Published Mar 31, 2023 04:12AM ET Updated Mar 31, 2023 04:32AM ET

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Rolls-Royce replaces CFO in broad executive-level shake-up

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By Scott Kanowsky

Investing.com -- Rolls-Royce Holdings PLC (LON:RR) has named a new chief financial officer and unveiled changes at two of its key divisions in a wide-ranging executive-level shake-up at the British engine maker.

Helen McCabe, who is now a senior vice president at oil major BP (LON:BP), will replace Rolls-Royce's current CFO Panos Kakoullis. It was not clear when exactly McCabe will start in the role, but Rolls-Royce said it would provide more clarity on this point in a further announcement.

Kakoullis will stay on in the position and serve on the company's board until at least the end of August, the company noted.

In a statement, chief executive officer Tufan Erginbilgic backed McCabe's track record of "rigorous financial discipline and experience of delivering performance management to achieve dramatic improvements."

He added that her skills will boost an ongoing strategic overhaul at Rolls-Royce. Erginbilgic, who took over at the helm of the British engineering group in January, has targeted improved efficiency and cultural changes at the business after what he has described as years of underperformance versus its nearest competitors.

Elsewhere, Rob Watson, a 13-year veteran of the company, has been appointed president of Rolls-Royce's civil aerospace unit. Meanwhile, defense division director Adam Riddle was tapped to become president of the segment, as well as chairman and CEO of Rolls-Royce North America. All of these changes will take effect immediately.

Shares in Rolls-Royce edged higher in early trading on Friday.

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