De La Rue PLC appointed Clive Vacher CEO and an executive director, succeeding Martin Sutherland who stepped down in May after the U.K.-based banknote printing firm posted a significant year-over-year drop in profit for the 2019 fiscal year.
Vacher was previously CEO and president of Canada-based Dynex Power Inc., where he led the privatization of the firm in March. His appointment at De La Rue is effective immediately.
Meanwhile, Sabri Challah will replace Andy Stevens as a senior independent director at De La Rue. Stevens agreed to step down earlier than previously announced to align with the company's organizational changes.
De La Rue also said it will continue with the proposed reorganization of the company into two divisions, which will focus on currency and authentication.
Ruth Euling and Andrew Clint will lead the new divisions as managing directors for currency and authentication, respectively. Euling was previously De La Rue's global sales director for currency, while Clint was previously global business development director for product assurance and test.
