De La Rue names Rob Harding as its new CFO

De La Rue has appointed an interim chief financial officer following the abrupt departure of Helen Willis last month, naming Rob Harding to the role.

Harding will take up the position at the security printing and brand protection specialist on March 9, but won’t become a director of the company, said De La Rue in a statement.

The company is in the midst of a turnaround effort under new chief executive Clive Vacher, who warned shortly after taking the helm of the company that in a worst-case scenario it was at risk of collapse if the recovery plans don’t work as hoped.

Harding is a qualified chartered accountant with prior turnaround experience most recently with Co-op Insurance where he also held the role of interim CFO. Previously, he held senior finance roles in professional and financial services including, among others, Swinton Insurance, Aviva and Standard Life.

“We are delighted that Rob will be joining De La Rue,” said Vacher. “His depth of turnaround experience will be invaluable to us as we execute our plans and re-shape our business to meet both the short-term and long-term challenges we face as a company.”

De La Rue’s authentication business showed encouraging growth in the first half of the current fiscal year, but the performance as a whole was dragged down by weakness in its banknote printing operations and it has issued multiple profit warnings.

The company has implemented a cost-cutting drive aimed at saving £20m over three years as it works to stabilise the management team.