Please ensure Javascript is enabled for purposes of website accessibility
November 28, 2022

Rolls-Royce’s Next CFO Chosen for His INTENSITY Rather Than Industry Experience

Here's a Wall Street Journal story about Rolls-Royce's future CFO, Stephen Daintith.

He's joining the company in 2017 from Daily Mail & General Trust PLC, the publisher, so you might be wondering, "Why does a manufacturer want some dude who's been working at a publisher?" Good question! Especially considering that the company's accounting is a little unusual:

In July, Rolls-Royce announced a new reporting structure, which it plans to explain in more detail later this year. The underlying reason for the changes is the introduction of a new accounting standard called IFRS 15 in 2018.

The accounting practice at Rolls-Royce confused analysts and market observers for more than a decade. “Rolls-Royce’s accounting structure was opaque and hard to understand,” [Jefferies analyst Sandy] Morris said. “The impact of stopping this practice was negative for Rolls-Royce’s results.”

This might sound like a job for someone with robust technical knowledge making Daintith's selection even more strange, however, analysts say that this is all part of the plan:

Mr. Daintith has been appointed CFO not because of his industry background but because of his spirit, the analysts say. “The one thing CEO [Warren] East repeats is that he wants to inject pace into the organization. That includes the CFO position,” said Mr. Morris.

Spirit? Pace? Sure, why not. I think you could've got someone cheaper by grabbing the most over-caffeinated person in the finance department, though.

[WSJ]

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

an excited woman looking at her computer

Hey Tax People, You’ll Be Thankful For This Remote Job That Promises No More Than 40 Hours a Week EVER

Those of you dreading the idea of yet another busy season (so, all of you) will be interested in this gig: how’s 30 to 40 fully remote hours a week sound to you? So not only will you never have to go into the office, you won’t have to sacrifice all your evenings at weekends […]

Maybe 2023 Will Be the Year You Get That Big Promotion

If 2023 is anything like 2022, the odds are stacked in your favor if you work in public accounting, according to a recent LinkedIn analysis. Professional services was among the five industries that doled out the most promotions this year: And at the top seven largest public accounting firms in the U.S., that big promotion […]