Rolls-Royce shares fall as it nabs new CFO Stephen Daintith from the Daily Mail publisher
Shares in aerospace and defence company Rolls-Royce fell today after it named the Daily Mail publisher's Stephen Daintith as its new chief financial officer.
The move comes as chief executive Warren East enacts a turnaround plan to simplify the manufacturer's overly complicated structure. He recently announced British high-speed rail boss Simon Kirby would be joining as chief operating officer.
Rolls' shares have rallied so far this year, suggesting investors are impressed by East's cost-cutting drives. But they were down around 1.10 per cent to 718p after this morning's news, giving it a market capitalisation of £13.20bn.
Daintith will replace the firm's current chief financial officer David Smith next year. Rolls said Smith is leaving to "pursue other business interests" and will stay until the New Year to ensure a smooth transition.
Prior to joining the Daily Mail publisher, Daintith was chief financial officer at News International and chief operations officer at Dow Jones. His earlier career included a number of senior positions at firms such as British American Tobacco, also at Forte, the Civil Aviation Authority and PwC.
Daintith, said: "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."
East added: "[Daintith's] 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."