De La Rue Share News (DLAR)

(Sharecast News) - De La Rue announced the appointment of Clive Vacher as its new chief executive officer, and an executive director on Monday, with immediate effect.

The London-listed paper and security printing company said Vacher had more than 16 years of experience with global industrial companies in both the commercial, and government and defence sectors.

It added that he had "significant experience" of international business transformation and operational performance improvement.

Vacher was previously the chief executive officer and president of Dynex Power - a Canadian publicly-listed company - where he led the privatisation sale of the company in March this year.

He was also a director and chief executive officer of Dynex Semiconductor until 5 April.

Before that, he held senior positions with Pratt and Whitney, Rolls-Royce, General Dynamics and B/E Aerospace.

Vacher currently sits on the advisory board of the Lincoln International Business School at the University of Lincoln.

Following the appointment of Clive Vacher, and as De La Rue had previously announced, Martin Sutherland was standing down as CEO and as a director, having completed an orderly handover.

To complete the changes to its board, De La Rue said senior independent director Andy Stevens had agreed to step down earlier than previously announced, to align with its organisational changes.

Sabri Challah was becoming senior independent director, and non-executive director Maria Da Cunha was succeeding Challah as chair of the remuneration committee.

De La Rue also reaffirmed that it would continue with the proposed reorganisation of its business into two divisions, in a bid to enhance strategic focus and generate greater efficiencies.

The group's operating model was being realigned to focus on two businesses - currency and authentication - each requiring "distinct products" and solutions, the board explained, and pursuing different strategic and operational priorities.

It said the new divisions would be led by Ruth Euling as managing director of currency, having previously been global sales director for currency, and Andrew Clint as managing director of authentication, having previously been global business development director for its product authentication and traceability operations.

"We are delighted that Clive will be joining De La Rue as chief executive officer," said the company's chairman, Kevin Loosemore.

"His experience of business turnarounds will be invaluable to us as we work to address the challenges we face as a business.

"On behalf of the board I would like to thank Andy Stevens for his contribution during his time as a non-executive director and senior independent director."