Thursday, 30 May 2019 14:31 GMT

De La Rue CEO steps down

After five years leading the security print company, chief executive officer Martin Sutherland is stepping down.

The firm lost its bid to print Britain’s post-Brexit passports last year, following a public battle for the contract which was eventually awarded to Franco-Dutch company Gemalto.

The firm had hinted at appealing the UK government’s decision but announced it would not be pursuing the appeal after considering all its options.

Shares in the company fell almost 30% when the news was announced. De La Rue said that it had agreed that Sutherland would serve a five-year term as its boss and is now seeking his successor. 

“For the past five years Martin has brought tremendous energy and strategic insight to moving the company from a traditional manufacturing business to a service-oriented business building on leading edge technological solutions, as well as refocusing the business on its core strengths and bringing greater balance to the portfolio,” says chairman Philip Rogerson.

For the past five years Martin has brought tremendous energy and strategic insight

“I would also like to thank him for his commitment to ensuring a smooth handover of his responsibilities. We will be conducting a search for his successor, which will begin immediately.”

Sutherland adds: “After nearly five years leading this great company, I am proud of what we have achieved together. It has been a time of significant structural change in the industry and real strategic change within the business.

“With a clear strategic vision now in place and being executed, now feels like the right time for me to hand over to a new leader, to take things to the next phase. I wish the board and the company every success.”

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