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Passport maker De La Rue taps Clive Vacher CEO in midst of turnaround, setbacks

Published 10/07/2019, 03:06 AM
© Reuters. FILE PHOTO: The corporate logo of De La Rue is seen at De La Rue Malta at Bulebel Industrial Estate in Zejtun

(Reuters) - Banknote and passport printer De La Rue Plc (L:DLAR) on Monday named Clive Vacher as chief executive officer to replace Martin Sutherland, whose departure was announced in May after the company warned of a profit downturn for the year.

Just last month the company appointed software firm Micro Focus' (L:MCRO) Kevin Loosemore as chairman designate to replace Philip Rogerson.

Vacher - an alumnus of Columbia University, MIT, Stanford University, and the London School of Economics - was previously chief executive of Dynex Power Inc, where he led the privatization sale of the firm in March 2019.

Both appointments are at a time De La Rue faces disruptions after Britain's Serious Fraud Office opened a criminal investigation in July over "suspected corruption" in its business in South Sudan.

The investigation is a setback for De La Rue, which last year lost the 400-million pound contract for Britain's new blue passports and has seen its stock tumble since May after the profit warning, the CEO's departure and a one-off hit for non-payment from Venezuela.

The company is realigning its operations to focus on two businesses, Currency and Authentication, saying each required different strategies. It said Ruth Euling will lead the Currency business with Andrew Clint in-charge of Authentication.

© Reuters. FILE PHOTO: The corporate logo of De La Rue is seen at De La Rue Malta at Bulebel Industrial Estate in Zejtun

London-listed De La Rue has designed about a third of the world's banknotes in circulation and is the world's largest commercial printer of passports.

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