De La Rue names successor to chairman Philip Rogerson

De La Rue said today it had appointed Kevin Loosemore as its chairman-designate, replacing Philip Rogerson who will retire on October 1.

Loosemore (pictured below) – currently chairman of FTSE 100 software business Micro Focus – joins De La Rue during a turbulent period for the company, and after an attempt to oust Rogerson as chair by rebel investors was defeated at the company’s annual general meeting (AGM) in July.

The company is also navigating the upcoming departure of chief executive Martin Sutherland, a Serious Fraud Office (SFO) probe into “suspected corruption” at its South Sudan unit, and a sizeable drop in pretax profits for the last financial year.

The company is facing a tougher competitive environment – witnessed by the loss of a contract to produce the UK passport to rival Gemalto last year – but was also hit by an £18m charge caused by the Venezuelan central bank being “unable to transfer funds due to non-UK related sanctions.”

Loosemore becomes char as De La Rue is in the midst of a pivot away from manufacturing-based operations and towards and towards a technology-led business in areas like product security and brand protection.

“The other members of the Board and I are delighted that Kevin has agreed to succeed Philip,” said Andy Stevens, senior independent director, pointing to his experience at Micro Focus and Iris Software Group, as well as earlier board positions at Morse, Big Food Group and Nationwide Building Society.

Loosemore has a history with De La Rue, having been was managing director of one of its businesses between 1997 and 1999, and has also held senior executive positions at Cable & Wireless, Motorola and IBM.