24th Jun 2019 09:31
(Alliance News) - Banknote and security documents printer De La Rue PLC on Monday said Chair Philip Rogerson has decided to retire after finding a new chief executive officer for the company.
The stock was trading flat at 302.48 pence each Monday morning in London.
De La Rue in May-end reported the departure of Chief Executive Officer Martin Sutherland amid a sharp drop in annual profit. The company, which is trying to reinvent itself into a security and anti-counterfeiting technology firm, had said Sutherland agreed to step down as CEO as soon as his successor is in place. Rogerson is leading the effort to find a replacement.
For the year ended March 30, the company's pretax profit plummeted to GBP25.5 million from GBP113.6 million a year earlier on the back of increased costs, absence of exceptional gains and an exceptional charge relating to a unpaid bill from the Venezuelan central bank due to US sanctions. De La Rue in May also warned that the future would be challenging due to competitive market and conclusion of its UK passport contract in 2020.
De La Rue on Monday also said that Senior Independent Director Andy Stevens intends to step down by no later than end of 2019 due to his other commitments.
Therefore, the company has commenced the search for two non-executive directors with the intention to replace both the chair and the senior independent director.
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