De La Rue appoints ‘turnaround specialist’ Clive Vacher as new CEO
British banknote printer De La Rue has announced former Rolls-Royce executive and turnaround expert Clive Vacher as its new boss today.
Vacher was previously in charge of Dynex Power and has a background in the engineering space, working at the likes of Rolls-Royce, General Dynamics, B/E Aerospace and Pratt and Whitney.
De La Rue chairman Kevin Loosemore said: “We are delighted that Clive will be joining De La Rue as chief executive officer. His experience of business turnarounds will be invaluable to us as we work to address the challenges we face as a business.
“On behalf of the board I would like to thank Andy Stevens for his contribution during his time as a non-executive director and senior independent director. The board extends its best wishes to Andy for the future.”
De La Rue is trying to recover from failing to win a government contract to print the new blue UK passports, and ousted its chief executive over summer after months of investor pressure.
It also replaced long-time chairman Philip Rogerson in September with Micro Focus exec Loosemore last month as it seeks to turn its business around.