Banknotes printer De La Rue today turned to BAE Systems to fill a void created by the departure of its boss Tim Cobbold in March.
The company said Martin Sutherland will become its chief executive on October 13, enabling chairman Philip Rogerson and finance director Colin Child to return to their day jobs.
Sutherland has been managing director of BAE’s applied intelligence division since 2008.
“He brings strong commercial skills and wide experience of growing technologically demanding businesses supplying governments and financial institutions worldwide,” Rogerson said. “His track record of strategic leadership will also be of considerable benefit.”
Today’s appointment rounds off an eventful 12 months for De La Rue, which issued a profits warning last October because of increased competition and lost Cobbold to UBM, the media group.
The company is also waiting to hear whether it has won a lucrative contract to print banknotes for the Bank of England.
Its 10-year contract expires in March 2015 although it recently lost out to Australia’s Innovia to supply material for the BoE’s new plastic notes.
Charles Pick, analyst at Numis, said of the appointment: “The City is likely to welcome the resolution of this matter and the appropriateness of Martin Sutherland’s CV.
“This looks a good appointment – a person with big company experience.”
