Engineering giant Rolls-Royce has named Panos Kakoullis as its new chief financial officer, as the FTSE 100 group steers through a pandemic-driven restructuring.
Kakoullis, who spent 30 years at accountancy firm Deloitte, will join the company in May.
Rolls-Royce said in January that its restructuring efforts were continuing apace, with 7,000 roles removed last year alongside a build-up of £5bn in debt and equity.
It wants to get rid of 9,000 jobs in total by the end of 2022 to deliver at least £750m of free cash flow.
The company also announced this month that it will temporarily shut down its jet engine factories for two weeks in the summer to save costs during the pandemic.
The first shutdown in the company’s history will affect all 19,000 staff in Britain, according to reports.
Kakoullis’s predecessor Stephen Daintith will leave the role in March, shortly after the release of the group’s full year 2020 results.
Warren East, Rolls-Royce CEO, said: “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.”
Kakoullis said: “I am very excited to be joining Rolls-Royce at such a pivotal time.
“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.”