Last checked at 25 Feb 2014 07:00
De La Rue plc
Directorate
De La Rue announces that Tim Cobbold, its Chief Executive, has tendered his resignation as Chief Executive and a Director of the Company to enable him to accept an appointment as Chief Executive of UBM plc. He will resign as a Director of De La Rue plc on 29 March 2014 and will leave the Company on that date.
Following Mr Cobbold's resignation, Philip Rogerson, non-executive Chairman, will be appointed Executive Chairman until a new Chief Executive joins the Board. Mr Rogerson, who will chair De La Rue's Executive Committee, will be supported by Colin Child, Group Finance Director, who will be appointed Chief Operating Officer on a similar temporary basis. Head hunters will be appointed to commence a search for a new Chief Executive and will work with the Board's Nomination Committee to identify suitable internal and external candidates.
De La Rue will announce its results for the year ending 29 March 2014 on 28 May 2014.
Philip Rogerson, Chairman of De La Rue, said:
"I would like to record the Board's appreciation of Tim's significant contribution over the past three years and to wish him well with his future career. He leaves De La Rue as a stronger, healthier and more dynamic company than when he joined, and with strong forward momentum underpinned by a good R&D pipeline and order book."
Tim Cobbold said:
"I am very proud of what the De La Rue team has achieved over the past three years. The business is much stronger today with a significantly improved financial performance, and is well placed for the future."
End
25 February 2014
Enquiries:
De La Rue plc | +44 (0)1256 605000 07:00 - 08:30 +44 (0)1256 605307 | |
Philip Rogerson | Chairman | |
Tim Cobbold | Chief Executive | |
Colin Child | Group Finance Director | |
Rob Hutchison | Group Director of Communications |
|
Brunswick | +44 (0)207 404 5959 | |
Jon Coles | ||
Oliver Hughes |
Notes to Editors:
As the world's largest integrated commercial banknote printer, De La Rue is a trusted partner of governments, central banks, issuing authorities and commercial organisations around the world.
The Group has in recent years been involved in the design or production of over 150 national currencies. De La Rue also produces a wide range of security documents including passports, driving licences, authentication labels and tax stamps. In addition, the Group manufactures sophisticated, high speed cash sorting and inspection equipment.
De La Rue also offers a range of specialist services and software solutions including government identity schemes, product authentication systems and cash management processing solutions.
De La Rue employs approximately 4,000 people worldwide and is listed on the London Stock Exchange. For further information visit De La Rue's website at www.delarue.com