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Rolls-Royce replacing David Smith with Stephen Daintith as finance chief

Published 22/09/2016

Stephen Daintith is currently the finance chief at newspaper publisher Daily Mail & General Trust
Stephen Daintith is currently the finance chief at newspaper publisher Daily Mail & General Trust

Rolls-Royce boss Warren East has made his latest move in attempts to revive the engineering firm's fortunes by replacing the group's finance chief.

The board-level shake-up will see Stephen Daintith drafted in to replace chief financial officer (CFO) David Smith, who will leave the business next year.

Mr Daintith is currently finance chief at newspaper publisher Daily Mail & General Trust. Previously, he served as CFO at News International and chief operations officer at Dow Jones.

Rolls-Royce said Mr Smith, who was in the job for three years, is leaving to "pursue other business interests".

Mr East is embarking on a turnaround plan at the aerospace giant, which has been forced to cut its dividend amid falling profits.

In July, Mr East pledged up to £200 million in cost savings by 2017 and swung the axe on 400 top jobs at the engine maker.

On Thursday he hailed Mr Daintith's "deep understanding of international business" and his record of achievement.

Rolls-Royce said earlier this month that Simon Kirby, currently at HS2, will join the firm as chief operating officer.

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