De La Rue Shares Drop As Finance Head Leaves Amid Profit Caution

20th Mar 2018 09:13

LONDON (Alliance News) - Shares fell in De La Rue PLC on Tuesday as its Chief Financial Officer Jitesh Sodha announced he would step down from the company amid a caution forecast for full year profit.

Shares in the banknotes security provider dropped 12% at 529.00 pence on Tuesday.

Sodha has resigned with immediate effect after three years in the role but will remain in De La Rue until the end of September to ensure an orderly transition while a successor is found.

Sodha first joined the company in August 2015, and prior to that was chief executive officer of UK fuel distributor Greenergy International for seven and a half years from 2008 to 2015.

In addition, De La Rue said it expects the outturn for the year ending March 25 to be at the lower end of its current consensus range.

"Jitesh has been a valued member of De La Rue's management team. He has been instrumental in the execution of our strategic plan to diversify our business. I would like to thank Jitesh for his support and contributions during his tenure and wish him every success in the future," said Chief Executive Officer Martin Sutherland.

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