British aircraft engine maker Rolls-Royce will name Panos Kakoullis as its new CFO, Reuters reported on Monday. Kakoullis will start in his new role on May 3.
The company hopes that the Greek-British Kakoullis, former head of audit and assurance at Deloitte, will successfully guide the company through the coronavirus pandemic.
As the the second-largest maker of aircraft engines, Rolls Royce has taken major hits due to the dramatic decrease in air travel caused by the coronavirus.
Airlines pay the company by the number of hours each plane is in flight. Accordingly, as the travel industry has come to a standstill, Rolls Royce faced severe financial difficulty in the past year.
Rolls Royce CEO Warren East highlighted Kakoullis’ over 30 years experience at Deloitte in a statement:
“Panos delivered significant transformational change at Deloitte, streamlining and simplifying the business and we look forward to benefiting from his expertise and experience as we deliver on our fundamental reorganization.”
Kakoullis will replace former CFO Stephen Daintith, who resigned in 2020 but agreed to remain on the team until his replacement was found.
He will serve in the role until March 19, when Ben Fidler, the company’s current deputy CFO, will act as CFO until Kakoullis takes over.
The German automaker BMW has owned the rights to Rolls Royce Motor Cars, including the Rolls Royce logo, after acquiring the name from Rolls-Royce, the aircraft engine maker, in 1998.