De La Rue names Tim Cobbold as new CEO
BASINGSTOKE, United Kingdom
December 13, 2010
– De La Rue Plc (“De La Rue”) is pleased to announce the appointment of Tim Cobbold as Chief Executive and an executive director of the Company with effect from 1 January 2011.
Tim has over twenty years of international management experience in manufacturing industries. He joins De La Rue from Chloride Group PLC, an international provider of secure power solutions, which has recently been taken over by Emerson Electric Co. Tim joined Chloride in 2007 as Chief Operating Officer and became CEO in 2008. Prior to this, he had been with Smiths Group PLC since 1989 holding a wide variety of senior roles including a number of Managing Director positions. Tim is a chartered accountant and is a non-executive Director of Drax Group plc.
As previously announced, Nicholas Brookes will resume his position as non-executive Chairman and Colin Child will revert to his Group Finance Director role once Tim joins the Company.
Commenting on Tim’s appointment, Nicholas Brookes said:
“We are delighted that Tim will be joining De La Rue as Chief Executive on 1 January. There is no doubt about the regard in which Tim is held. His wealth of experience, including of international business at the most senior level, will be invaluable to De La Rue both in the short term as we work to resolve current uncertainties and in the longer term as we continue to build our global brand and international customer base.”
Tim Cobbold said:
“De La Rue has a long established reputation as a global leader in an industry with unique characteristics. I look forward, with the rest of the Board, to demonstrating De La Rue’s fundamental value by building on its core strengths as an independent company and growing value for its shareholders. I look forward to working with the experienced team at De La Rue to strengthen the business and deliver on its potential as the industry leader.”
There is nothing which is required to be disclosed under Listing Rules 9.6.13 in respect of Tim Cobbold other than as disclosed above.