Rolls-Royce hires DMGT's Stephen Daintith as new finance boss

Revving up: Rolls-Royce boss Warren East is trying to turn around the stuttering group

Rolls-Royce

22 September 2016

Rolls-Royce boss Warren East has continued his shake-up of the struggling engineering giant’s senior management, poaching Daily Mail and General Trust’s Stephen Daintith as finance chief.

Daintith is East’s second major hire this month. Simon Kirby, the boss of HS2, was named chief operating officer on September 10.

Daintith will replace David Smith, who joined Rolls-Royce in 2014 after leading Jaguar Land Rover and a long career at Ford.

East, who was parachuted in to turn Rolls-Royce around last year after troubles at its aero-engine and marine businesses, has been trying to slim down the company and cut costs.

He has already begun a cull of some management roles, a key pledge to investors.

Today East said Daintith’s “deep understanding of international business and 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”.

Daintith, who previously worked at Rupert Murdoch’s News International, will be paid £680,000 and be eligible for a performance share award of 225% of that sum.

He will arrive next year, with Smith staying on until the New Year to hand over. Rolls-Royce said Smith, who has also published several novels, will then “pursue other business interests”.

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