Last checked at 13 Dec 2010 07:00
13 December 2010
DE LA RUE ANNOUNCES TIM COBBOLD'S APPOINTMENT
AS CHIEF EXECUTIVE FROM 1 JANUARY 2011
De La Rue Plc ("De La Rue") is pleased to announce the appointment of Tim Cobbold as Chief Executive and an executive director of the Company with effect from 1 January 2011.
Tim has over twenty years of international management experience in manufacturing industries. He joins De La Rue from Chloride Group PLC, an international provider of secure power solutions, which has recently been taken over by Emerson Electric Co. Tim joined Chloride in 2007 as Chief Operating Officer and became CEO in 2008. Prior to this, he had been with Smiths Group PLC since 1989 holding a wide variety of senior roles including a number of Managing Director positions. Tim is a chartered accountant and is a non-executive Director of Drax Group plc.
As previously announced, Nicholas Brookes will resume his position as non-executive Chairman and Colin Child will revert to his Group Finance Director role once Tim joins the Company.
Commenting on Tim's appointment, Nicholas Brookes said:
"We are delighted that Tim will be joining De La Rue as Chief Executive on 1 January. There is no doubt about the regard in which Tim is held. His wealth of experience, including of international business at the most senior level, will be invaluable to De La Rue both in the short term as we work to resolve current uncertainties and in the longer term as we continue to build our global brand and international customer base."
Tim Cobbold said:
"De La Rue has a long established reputation as a global leader in an industry with unique characteristics. I look forward, with the rest of the Board, to demonstrating De La Rue's fundamental value by building on its core strengths as an independent company and growing value for its shareholders. I look forward to working with the experienced team at De La Rue to strengthen the business and deliver on its potential as the industry leader."
There is nothing which is required to be disclosed under Listing Rules 9.6.13 in respect of Tim Cobbold other than as disclosed above.
-ends-
For further information please contact:
Nicholas Brookes Executive Chairman +44(0)1256 605000
Colin Child Chief Operating Officer and
Group Finance Director
Jon Coles Brunswick +44 (0) 207 404 5959
Kate Holgate
Notes
De La Rue is the world's largest commercial security printer and papermaker, involved in the production of over 150 national currencies and a wide range of security documents such as passports, authentication labels and fiscal stamps. The company is a leading provider of cash sorting equipment and software solutions to Central Banks, helping them to reduce the cost of handling cash. De La Rue also pioneers new technologies in government identity solutions for national identification, driver's licence and passport issuing schemes. De La Rue employs approximately 4,000 people worldwide and is a member of the FTSE 250.
For more information, please visit www.delarue.com