Last checked at 7 Oct 2019 07:00
7 October 2019
DE LA RUE PLC
DIRECTORATE CHANGE AND UPDATE ON REORGANISATION
De La Rue plc ("De La Rue" or the "Company") is pleased to announce the appointment of Clive Vacher as Chief Executive Officer and an Executive Director with effect from 7 October 2019.
Clive has more than sixteen years' experience running complex P&Ls for global industrial companies in the commercial and government/defence sectors. He has significant experience of international business transformation and operational performance improvement.
Clive was previously Chief Executive Officer and President of Dynex Power Inc., a Canadian publicly listed company, where he led the privatisation sale of the company in March 2019. He was also a Director and Chief Executive Officer of Dynex Semiconductor Limited to 5 April 2019.
Previously, he has held senior positions with Pratt and Whitney, Rolls-Royce, General Dynamics Corporation and B/E Aerospace Inc. Clive 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 previously announced, Martin Sutherland stands down as Chief Executive Officer and as a Director of the Company, having completed an orderly handover.
To complete the changes to the Board, Andy Stevens, Senior Independent Director, agreed to step down earlier than previously announced, to align with our organisational changes. Sabri Challah becomes Senior Independent Director and Maria Da Cunha, Non-executive Director, will succeed Sabri as Chair of the Remuneration Committee.
De La Rue also reaffirms that it will continue with the proposed reorganisation of the business into two Divisions, to enhance strategic focus and generate greater efficiencies. The Group's operating model is being realigned to focus on two businesses, Currency and Authentication, each requiring distinct products and solutions, and pursuing different strategic and operational priorities.
The new Divisions will be led by Ruth Euling, Managing Director, Currency (previously Global Sales Director for Currency), and Andrew Clint, Managing Director, Authentication (previously Global Business Development Director PA&T).
Kevin Loosemore, Chairman of De La Rue, commented:
"We are delighted that Clive will be joining De La Rue as Chief Executive Officer. 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. The Board extends its best wishes to Andy for the future."
There are no further details relating to the appointment of Clive Vacher that are disclosable under paragraph 9.6.13(1) to (6) of the Listing Rules of the Listing Authority.
De La Rue plc's LEI code is 213800DH741LZWIJXP78
Enquiries:
De La Rue plc +44 (0)1256 605322
Paul Sharma Head of Investor Relations
Brunswick Group LLP +44 (0)207 404 5959
Azadeh Varzi
Stuart Donnelly