The new finance director of Rover is planning a major shake-up of the carmaker’s finance department and a cut in the ‘lavish’ spending it incurred under BMW’s ownership.
John Millett, who began his new job as director of finance and strategy on Thursday last week, said restructuring was needed because BMW had created a group finance function which now needed dividing among the three separate entities that have emerged from the break-up of Rover. Staff could move to Rover cars, Land Rover or BMW Services.
Speaking to Accountancy Age, Millett said he would also end the production of ‘unnecessary’ reporting and promised spending cuts.
Millett was appointed to the new post by the Phoenix consortium after working for Rover in various finance roles for the last 24 years.
Most recently he was FD for the UK region of Rover and Land Rover and was once group finance controller at Rover when John Towers, head of the Phoenix consortium, was chief executive at the ailing car company.
Rover this week cut its prices by an average of 10% across its range of cars.
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