De La Rue names Clive Whiley as non-exec chairman

De La Rue’s search for a successor to embattled former chairman Kevin Loosemore is over. The banknote and authentication specialist has named Clive Whiley to the post, effective immediately.

Whiley is currently chairman of child clothing and equipment company Mothercare, and senior independent non-executive director of Griffin Mining Limited and betting technology business Sportech. A formal vote on the new chairman will be taken at an annual general meeting scheduled for July.

Margaret Rice-Jones, senior independent director of De La Rue, said: “Clive…brings a wealth of experience in listed companies operating in many different countries and environments. He is a highly respected business leader with a proven track record and ideally suited to support the executive team in delivering future growth.”

Nick Bray, who stepped into the role of interim chairman after Loosemore announced his resignation last month, will now return to his previous role as a non-executive director.

Loosemore stood down after months of pressure from rebel investor Crystal Amber, which unsuccessfully put forward its own candidate – Pepyn Dinandt – for the chairman role. Crystal Amber has been a strident critic of the company’s turnaround plan under chief executive Clive Vacher, claiming in a recent letter to shareholders that it had “failed by every measure.”

De La Rue issued another profit warning last month, noting that demand for banknotes had fallen to its lowest ebb in 20 years and it is facing “a significant degree of uncertainty” in fiscal 2024. It has been talking to lenders about amending its banking terms in light of a worsening business outlook and rising interest rates.

Whiley said: “I am delighted to be joining De La Rue, with its distinguished heritage, international outlook and a wealth of potential within the group. I am keen to lend my proven experience and knowledge to assist management as it strives to optimise the underlying intrinsic value of the business.”