LONDON (dpa-AFX) - De La Rue plc (DLAR.L) said that it appointed Clive Vacher as Chief Executive Officer and an Executive Director, effective from 7 October 2019. Martin Sutherland stands down as Chief Executive Officer and as a Director of the company.
Previously, Clive was Chief Executive Officer and President of Dynex Power Inc., 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.
Earlier, 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.
De La Rue noted that Andy Stevens, Senior Independent Director, agreed to step down earlier than previously announced, to align with organisational changes. Sabri Challah becomes Senior Independent Director and Maria Da Cunha, Non-executive Director, will succeed Sabri as Chair of the Remuneration Committee.
The company also reaffirmed that it would continue with the proposed reorganisation of the business into two Divisions. 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).
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