Tuesday, 08 Oct 2019 12:22 GMT

De La Rue appoints new CEO

De La Rue has announced the appointment of a new chief executive officer (CEO) to replace Martin Sutherland.

Clive Vacher joins the security print firm as CEO and executive director as of October 7th, 2019. Vacher was previously CEO and president of Dynex Power, a Canadian publicly listed company where he led the privatisation sale of the company in March 2019.

He has also held senior positions with Pratt and Whitney, Rolls-Royce, General Dynamics Corporation and B/E Aerospace. Vacher currently sits on the advisory board of the Lincoln International Business School at the University of Lincoln.

Kevin Loosemore, chairman of De La Rue, comments: “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.

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.”

Andy Stevens, senior independent director, has agreed to step down earlier than previously announced to accommodate the changes to the board. Sabri Challah steps into the senior independent director role, and Maria Da Cunha, non-executive director, will succeed Challah as chair of the remuneration committee.

De La Rue is continuing with the proposed reorganisation of the business into two divisions – currency and authentication, to “enhance strategic focus and generate greater efficiencies”.

Ruth Euling will lead the currency division as managing director, and Andrew Clint becomes managing director of authentication.

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