Cobbold is De La Rue's 'preferred candidate'

24th Nov 2010 09:52

Banknote printer De La Rue has confirmed media speculation that it is seeking to appoint Tim Cobbold, formerboss of the power systems group Chloride as its chief executive.De La Rue, whose former chief executive James Hussey quit in August after irregularities were uncovered at one of its production facilities, said it "is in advance discussions" with Cobbold, who is the company's "preferred candidate".Cobbold presided over the sale of Chloride to the US automation group Emerson earlier this year. 'De La Rue has been very pleased with the large number of extremely high calibre candidates the role has attracted,' the company said.Reports say that De La Rue is in discussions with Emerson over the possible terms of a deal.