Kakoullis will begin at Rolls-Royce in May

Rolls-Royce has appointed Panos Kakoullis as the engineering company’s new chief of finance officer. 

Kakouliss spent 30 years at Deloitte after arriving at the company as a graduate, before moving to PA Consulting in 2019. He now joins Rolls-Royce as the engineering giant continues its pandemic-induced process of restructuring. 

Rolls-Royce announced earlier this year that flying hours would plummet by 45% as increased travel restrictions continue to impact the company. 

The engineering firm has taken measures to sooth its cash-flow concerns by cutting 7,000 jobs, with a further 2,000 expected by the end of 2022, saving the company £1.3bn per year. 

The Rolls-Royce share price is up by 1.5% in early Morning morning trade upon news of the company’s directorate change. 

The FTSE 100 firm’s share price is down just under 9% since the beginning of 2021, as the outlook for air travel looks bleak ahead of the coming year. 

Kakoullis will succeed Setphen Daintith who will vacate his position in March 2021. 

Rolls-Royce CEO Warren East praised Kakoullis’s track record of streamlining and simplifying as the firm looks to secure its future. 

“We are delighted to announce the appointment of Panos as Chief Financial Officer who will join us in May this year. 

Panos delivered significant transformational change at Deloitte, streamlining and simplifying the business and we look forward to benefitting from his expertise and experience as we deliver on our fundamental reorganisation and secure a sustainable and prosperous future for Rolls-Royce,” East said. 

Kakoullis, who will begin his role in May, struck a similar tone. 

“I am very excited to be joining Rolls-Royce at such a pivotal time,” he said. 

“I have great admiration for Warren, the wider leadership team and the business as a whole and am proud to become part of the team.”