Wednesday 17 July 2019

Two more board members quit passport-maker De La Rue

The chairman and a senior non-executive director both said they are leaving, less than a month after the boss stepped down.

The chairman and a senior director of passport-maker De La Rue have announced they are leaving (Anthony Devlin/PA)
The chairman and a senior director of passport-maker De La Rue have announced they are leaving (Anthony Devlin/PA)

By Simon Neville, Press Association City Editor

Banknote and passport-maker De La Rue has seen two more boardroom members quit just weeks after the chief executive headed for the door.

Chairman Philip Rogerson and senior independent director Andy Stevens both made the decision less than a month after another profit warning hit the business.

Mr Rogerson said he would stay in place until a new chief executive has been appointed, and Mr Stevens will leave no later than the end of the year.

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De La Rue chairman Philip Rogerson will step down once a new CEO is appointed (De La Rue / PA)

“The chairman has indicated his intention to retire from the board as part of an orderly succession process following the appointment and integration of the new CEO,” the company said.

The boardroom clearout comes weeks after the company revealed that profits had fallen and will continue to drop next year.

Bosses blamed increased competition, but were also forced to take an £18.1 million hit to its balance sheet after the Venezuelan central bank was unable to pay a bill due to US sanctions.

In 2018 the company made a further two profit warnings, at a time when the Government decided to award a £260 million contract for new British passports to Gemalto, a Franco-Dutch company.

Outgoing chief executive Martin Sutherland, who quit at the same time as the most recent profit warning, had previously threatened to take the Government to court over the passport decision, but subsequently changed his mind.

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