Last checked at 12 Aug 2010 07:00
DE LA RUE PLC
CEO Resignation and Update on Paper Production Issues
De La Rue plc ("De La Rue" or the "Company") advises that James Hussey has today resigned from the Board as CEO and has left the Company. Mr Hussey's decision to resign follows the Company's statement of 20 July 2010 in relation to certain quality and production irregularities at one of its paper production facilities and his belief that he must take responsibility for this.
Following Mr Hussey's resignation Nicholas Brookes, Non-Executive Chairman, has been appointed Executive Chairman and Colin Child, Group Finance Director, has taken on the additional role of Chief Operating Officer, both positions to be effective until a new Chief Executive has been identified.
The Company continues to look into these irregularities in one of its paper production facilities, which the Board considers to be of a serious nature. A further announcement will be made as soon as the Board has been able to assess the financial and operational implications on the current financial year's results and on the Group's prospects but, owing to the complexity of the issues, this is unlikely to be in the near future.
De La Rue is confident that neither the physical security nor the security features incorporated in the paper have been compromised for any customer and that the irregularities referred to above relate only to testing of paper specifications at the relevant facility. All the other activities of the Group, including currency printing, remain unaffected by these irregularities.
12 August 2010
For further information, please contact:
| Nicholas Brookes | Executive Chairman | +44 (0)1256 605000 |
| Colin Child | Group Finance Director and Chief Operating Officer | +44 (0)1256 605000 |
| Richard Mountain | Financial Dynamics | +44 (0) 207 269 7291 |