2023-03-31 10:57:50 ET
Rolls-Royce Holdings ( OTCPK:RYCEY ) ( OTCPK:RYCEF ) on Friday named BP executive Helen McCabe as its next CFO, replacing Panos Kakoullis. The change comes as CEO Tufan Erginbilgic, who at the beginning of the year joined the maker of jet engines, implements a plan to improve profitability.
McCabe is currently senior vice president of finance for the customer and products division of BP, where Erginbilgic used to work. Kakoullis will remain in the CFO job until the end of August.
The company also appointed new leadership for two of its main businesses.
Rob Watson, who has overseen the company’s electric aviation operations, was named head of Rolls-Royce’s civil aerospace business that makes engines for aircraft manufacturers such as Boeing ( BA ) and Airbus ( OTCPK:EADSY ) ( OTCPK:EADSF ).
Adam Riddle was appointed as the new head of its defense business, in addion to chair and CEO of Rolls-Royce North America. Predecessor Tom Bell previously had announced plans to leave at the end of this month to become CEO of Leidos ( LDOS ).
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Rolls-Royce names new CFO, shakes up management