Panos Kakoullis has been appointed as the new chief financial officer for Rolls-Royce Holdings, according to Sky News.
Kakoullis, who ran Deloitte’s global audit and assurance operations and spent 30 years at the Big Four accountancy firm, was widely regarded as one of Deloitte’s top partners.
His appointment comes six months after the departure of former CFO Stephen Daintith, who left the manufacturer to join online grocer Ocado.
Despite his lack of CFO experience, insiders are confident regarding Kakoullis’ appointment with one former colleague saying he was “ideally suited” to the job while speaking to Sky.
Rolls-Royce has found it difficult to navigate the economic challenges posed by the coronavirus pandemic.
Last year, the company raised £5bn in debt and equity, and announced plans to cut 9000 jobs, many of which are in the UK.
In the last month, the manufacturer has announced plans to temporarily shut down its jet-engine factories this summer, affecting 19,000 members of its staff.