Rolls-Royce announced today that Stephen Daintith has been appointed Chief Financial Officer and as an executive director of Rolls-Royce Holdings plc. Stephen will take up his new role in 2017, succeeding David Smith who will leave Rolls-Royce after three years to pursue other business interests. David will remain in post into the New Year to ensure an effective transition.*
Stephen Daintith is currently Chief Financial Officer of Daily Mail & General Trust plc. Previously he was employed by News International as Chief Financial Officer and Chief Operations Officer of Dow Jones & Co. His earlier career was spent working internationally in a number of senior positions at British American Tobacco, also at Forte, the Civil Aviation Authority and PriceWaterhouse Coopers.
Stephen Daintith, said: "I am extremely excited to be joining one of the world's great engineering companies. Rolls-Royce has built powerful positions in expanding global markets and has outstanding prospects for long-term growth. I am looking forward to playing my part in ensuring the growth which lies ahead is increasingly profitable and cash generative. Warren is driving a transformation programme that I entirely support. I am proud and pleased to be joining him on the Board to deliver the next stage of this business critical process."
Warren East, Rolls-Royce, Chief Executive, said: "I am delighted to welcome Stephen toRolls-Royce as Chief Financial Officer and as a Board colleague. His deep understanding of international business and his record of achievement in change management are particularly relevant to Rolls-Royce as we build our business and respond to the growing global requirement for our technology.
"I would like to thank David Smith for his valuable support over the past three years. David has made an important contribution to restoring confidence in the business, improving financial systems and delivering the early stages of our transformation. I and the rest of theRolls-Royce team wish him every success in the future."
Stephen Daintith is currently an executive director of Daily Mail & General Trust plc ('DMGT') having been appointed to its Board of directors in March 2011. He is a member of the Euromoney Institutional Investor plc Audit Committee, and a non-executive director of Zoopla Property Group plc, both of which are associated companies of DMGT. Stephen will stand down from these positions before joining Rolls-Royce. He will become a non-executive director of 3i Group plc with effect from 1 October 2016, as previously announced by 3i. There are no other details to disclose relating to Stephen Daintith under paragraph 9.6.13 of the Listing Rules.
The remuneration details relating to David Smith required to be made available under section 430 (2B) of the Companies Act 2006, and the key elements of Stephen Daintith's remuneration, are published on the Rolls-Royce website www.rolls-royce.com/about/who-we-are/corporate-governance.aspx
Full details of Stephen Daintith's remuneration will be included in the 2016 Directors' Remuneration Report.
*The effective date of Stephen Daintith's appointment, and the precise date that David Smith will leave Rolls-Royce, are not yet known and will be notified once decided.