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De La Rue appoints turnaround expert as CEO

New boss Clive Vacher has worked to transform Dynex Power, Pratt and Whitney, Rolls-Royce, General Dynamics and B/E Aerospace

De La Rue PLC -

Troubled bank-note printer De La Rue PLC (LON:DLAR) has appointed business-turnaround expert formerly of Rolls-Royce and Pratt and Whitney as chief executive officer with immediate effect as the company attempts to revive its flagging fortunes.

Back in May the company, which prints all Bank of England notes, announced former chief executive Martin Sutherland would step down amid urgent plans to restructure, after issuing a profit warning which halved its share price year-to-date.

READ: De La Rue rises as it sells identity solutions business for £42mln

Vacher previously served as chief executive and president of Canadian-listed Dynex Power, where he led the sale of the company earlier this year, and was also a director and chief exective of Dynex Semiconductor until 5 April 2019.

Kevin Loosemore, chairman of De La Rue, said Vacher’s "experience of business turnarounds will be invaluable to us as we work to address the challenges we face as a business”.

Vacher currently sits on the advisory board of the Lincoln International Business School and has sixteen years' experience working in senior roles for global companies in the commercial and government sectors including Pratt and Whitney, Rolls-Royce, General Dynamics and B/E Aerospace.

De La Rue also confirmed that it will continue with its reorganisation of the business into two divisions, Currency and Authentication, which it hopes will improve efficiency since each division will require distinct products and solutions, and will pursue different strategic and operational priorities.

The also said that Andy Stevens, senior independent director will also step down earlier than previously announced to be replaced by Sabri Challah, with Maria Da Cunha succeeding  Challah as chair of the remuneration committee.

Quick facts: De La Rue PLC

Price: 130 GBX

LSE:DLAR
Market: LSE
Market Cap: £2.53 m
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