Rolls-Royce Announces New CFO and Aerospace Presidents in Transformation Push

(IN BRIEF) Rolls-Royce has announced changes to its Board and Executive Team, appointing leaders with extensive experience in finance, performance management, and the aerospace industry. The changes are part of a transformation program aimed at achieving sustainable earnings growth and cash generation. Helen McCabe will join as Chief Financial Officer later this year, Rob Watson has been appointed as President – Civil Aerospace, and Adam Riddle as President – Defence and Chairman & CEO – Rolls-Royce North America. Chris Cholerton, the previous President – Civil Aerospace, has been promoted to Group President and will take on executive responsibility for the Group’s nuclear operations.

(PRESS RELEASE) LONDON, 31-Mar-2023 — /EuropaWire/ — Rolls-Royce (LSE:RR., ADR:RYCEY), the pre-eminent engineering company with focus on world-class power and propulsion systems, has announced changes to its Board and Executive Team, appointing leaders with extensive experience in finance, performance management, and the aerospace industry. These changes follow the launch of a transformation program aimed at achieving sustainable earnings growth and cash generation.

Helen McCabe will join Rolls-Royce later this year as Chief Financial Officer, bringing over 25 years of experience in senior finance and performance management roles within complex multinational engineering organizations. She currently serves as Senior Vice President, Finance for the Customer & Products division of BP, which runs the company’s customer-focused business.

Tufan Erginbilgic, Chief Executive, said: “I look forward to welcoming Helen to my leadership team. Her track record of promoting rigorous financial discipline and experience of delivering performance management to achieve dramatic improvements will be invaluable as we move, at pace, to transform Rolls-Royce. I have experienced her abilities first-hand and her skillset will complement the existing capabilities of the Executive Team, contributing to Rolls-Royce delivering on its significant potential. I would also like to extend my thanks to Panos for his dedication to Rolls-Royce and support to me since my arrival.”

Panos Kakoullis will remain as Chief Financial Officer and a member of the Board until at least 31 August 2023 in order to ensure the successful delivery and reporting of the Group’s half year performance.

Anita Frew, Chair, said: “I would also like to extend the thanks of the whole Board to Panos for his hard work. It has been my pleasure to work alongside him over the last 18 months as he has helped us deliver on the short-term commitments made to shareholders during the difficult times of the pandemic and return the business to positive free cash flow. We look forward to Helen joining and working with her and the rest of Tufan’s leadership team as we transform Rolls-Royce into a high-quality, sustainable, stronger business for employees, customers and shareholders.”

Rob Watson has been appointed as President – Civil Aerospace, bringing his experience in electric aviation, innovative business insights, and robust commercial discipline. Chris Cholerton, the previous President – Civil Aerospace, has been promoted to Group President and will take on executive responsibility for the Group’s nuclear operations.

Adam Riddle has been appointed as President – Defence, and Chairman & CEO – Rolls-Royce North America, bringing nearly a decade of experience in Defence and a track record of securing key contracts.

The changes to the Executive Team are intended to support the company’s focus on delivering increased cash, profitability, and returns.

Tufan Erginbilgic, Chief Executive, added: “I would like to congratulate both Rob and Adam as they take up their new roles. Both are highly experienced leaders and will bring renewed energy and a determination to succeed to Civil Aerospace and Defence. Their appointments are also evidence of the pipeline of senior talent which exists within Rolls-Royce. With the leadership changes announced today we are acting at pace and gaining the momentum we need to transform Rolls-Royce. Together, my leadership team has a winning mindset, strong strategic alignment and a shared ambition to make Rolls-Royce a company that delivers for all stakeholders.”