Rolls-Royce taps first woman CFO in leadership shakeup

Dive Brief:

Rolls-Royce announced Friday the hiring of veteran Helen McCabe as CFO of the London-based engineering company as part of a broader senior management shakeup.
McCabe currently serves as the senior vice president of finance for the customer and products division of British oil and gas giant BP and is expected to start her new role later this year, Rolls-Royce said in a press release. The announcement marks the first time a woman has been named CFO of the company, which makes jet engines, Rolls-Royce spokesman Richard Wray told CFO Dive.
Panos Kakoullis, the company’s current CFO, will remain in the role until at least Aug. 31 to ensure “the successful delivery and reporting” of its half-year financial performance, Rolls-Royce said.

Dive Insight:

The appointment of McCabe and other leadership changes follow the installment of Tufan Erginbilgic as the company’s new CEO in January.

“I look forward to welcoming Helen to my leadership team,” Erginbilgic said in the company’s release. “Her track record of promoting rigorous financial discipline and experience of delivering performance management to achieve dramatic improvements will be invaluable as we move, at pace, to transform Rolls-Royce.”

The exact effective date of McCabe’s appointment will be “announced subsequently,” the release said.

The company also announced that Rob Watson was appointed to serve as civil aerospace president, effective immediately. In addition, Adam Riddle was named president of the defense division, as well as chairman and chief executive of Rolls-Royce North America, effectively immediately.

In February, the new CEO launched a “transformation program” aimed at delivering “sustainable earnings growth” and cash generation, according to the release.

Erginbilgic’s previous roles included CEO of BP’s downstream business from 2014 to 2020, according to his LinkedIn profile.

McCabe has spent more than two decades serving in finance leadership roles at BP, according to her LinkedIn profile. Prior to assuming her current position in 2021, her stints at the company included CFO of its downstream Europe and Southern Africa fuels business as well as head of planning and performance management for the downstream division.

Kakoullis became CFO of Rolls-Royce in 2021, after spending more than 30 years at Deloitte.