CEO Resignation and Update on

RNS Number : 9493Q

De La Rue PLC

12 August 2010

 



DE LA RUE PLC

CEO Resignation and Update on Paper Production Issues

De La Rue plc ("De La Rue" or the "Company") advises that James Hussey has today resigned from the Board as CEO and has left the Company.  Mr Hussey's decision to resign follows the Company's statement of 20 July 2010 in relation to certain quality and production irregularities at one of its paper production facilities and his belief that he must take responsibility for this.

Following Mr Hussey's resignation Nicholas Brookes, Non-Executive Chairman, has been appointed Executive Chairman and Colin Child, Group Finance Director, has taken on the additional role of Chief Operating Officer, both positions to be effective until a new Chief Executive has been identified.

The Company continues to look into these irregularities in one of its paper production facilities, which the Board considers to be of a serious nature.  A further announcement will be made as soon as the Board has been able to assess the financial and operational implications on the current financial year's results and on the Group's prospects but, owing to the complexity of the issues, this is unlikely to be in the near future.

De La Rue is confident that neither the physical security nor the security features incorporated in the paper have been compromised for any customer and that the irregularities referred to above relate only to testing of paper specifications at the relevant facility.  All the other activities of the Group, including currency printing, remain unaffected by these irregularities.

12 August 2010

For further information, please contact:

Nicholas Brookes	Executive Chairman	[phone]
Colin Child	Group Finance Director and Chief Operating Officer	[phone]
Richard Mountain	Financial Dynamics	[phone]

 

 

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