Change at De La Rue

BANKNOTE printer De La Rue has appointed Martin Sutherland, a managing director at defence group BAE Systems, as its new chief executive.

He replaces Tim Cobbold, who left in February to take the helm at UBM, the marketing, media and events company.

Sutherland has been managing director at BAE Systems Applied Intelligence since 2008 and will join De La Rue no later than October 13.

His appointment will mark the group’s fourth chief executive in 10 years.

Chairman Philip Rogerson said: “Martin brings strong commercial skills and a wide experience of growing technologically demanding businesses supplying governments and financial institutions worldwide. His track record of strategic leadership will be of considerable benefit.”

As wel l as pr i n t i n g banknotes f or countries worldwide, De La Rue also makes passports.

Cobbold left De La Rue four months after it issued a profits warning which exposed the frailties of his turnaround plans.

Shares i n De La Rue, which have fallen nearly 30 per cent over the past year, were up ½p to 711p.