THE finance chief of the Daily Mail has been recruited by Rolls-Royce after a management shake-up at the engineering group has resulted in the departure of its chief financial officer.
David Smith is to leave Rolls-Royce after three years as finance director and will be succeeded by Stephen Daintith, who is finance director at the Daily Mail & General Trust.
Daintith, who was employed by News International as chief financial officer and chief operations officer of Dow Jones & Co, will take up the role early next year. Smith, the former chief executive of Jaguar Land Rover, is leaving Rolls-Royce to “pursue other business interests”, the company said in a stock market statement.
His departure comes amid a transformation programme aimed at reviving the business after suffering five profit warnings in two years. The business has cut senior management by 20% in the past ten months.
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 to Rolls-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 the Rolls-Royce team wish him every success in the future.”