De La Rue appoints interim finance chief

6th Apr 2023 09:38

(Sharecast News) - Banknote printer De La Rue has named Charles Andrews as interim chief financial officer.

The firm said on Thursday that Andrews would join the executive leadership team next week, following the resignation earlier this year of former incumbent Rob Harding.

Andrews, a chartered accountant, was most recently a senior vice president at aerospace firm Meggitt.

Clive Vacher, chief executive, said: "His wide-ranging experience, with a proven ability to lead change and transformation at an executive level, will be invaluable as we continue to hone and refine the group."

De La Rue is facing moves by activist investor Crystal Amber Fund to remove chair Kevin Loosemore and replace him with its preferred candidate, private equity veteran Pepyn Dinandt.

In a shareholder meeting in December, a majority of shareholders voted in favour of Loosemore, but Crystal Amber continues to agitate for his removal.

In a statement issued last week, the fund - which holds 9.8% stake - said it believed that unless immediate action was taken, "De La Rue's audit report for the year to March 2023 is likely to include material uncertainty going concern qualification".

De La Rue has been struggling with falling demand for currency and last November warned on profits. The share price has lost 53% over the last year and 39% so far this year.

As at 0930 BST, the shares were trading 3% higher at 49.08p.

Harding, who announced his resignation in January, is joining payments specialist PayPoint as chief financial officer.