De La Rue chairman heads for the exit

Banknote printer De La Rue said on Monday that chairman Philip Rogerson plans to retire from the board.

The news comes less than a month after the company announced that chief executive officer Martin Sutherland was stepping down.

"As previously announced, the search for a new CEO is underway, led by the chairman. 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," De La Rue said.

It added that Rogerson's departure was "part of an orderly succession process following the appointment and integration of the new CEO."

The company also said that senior independent director Andy Stevens is planning to step down "due to his other commitments". He will remain on the board until a successor has been appointed, but in any event until no later than 31 December.

De La Rue warned last month that operating profit for FY20 would be "somewhat lower" than the current year as the banknote print market was expected to become "increasingly competitive" as the strong demand driven by overspill in the last few years starts to normalise.

Richard Bernstein, who runs activist investor Crystal Amber, tweeted earlier: "On Thursday we wrote to Philip Rogerson, De La Rue's Chairman: 'We have concluded that all stakeholders would be better served if you now stand down from the board.' Reneging on releasing shareholder value, the final straw. This morning, DLAR announces Rogerson is standing down."

Crystal Amber has a 5% stake in De La Rue.

At 1100 BST, the shares were up 0.3% at 303.50p.