De La Rue appoints Kevin Loosemore as chairman

Banknote and passport maker De La Rue has appointed Kevin Loosemore as its new chairman with immediate effect.

Loosemore, who is also currently chairman of software group Micro Focus, replaces Philip Rogerson, who is set to retire on 1 October. He is also a non-executive director of Iris Software Group Limited, a provider of accountancy software solutions. In addition, Loosemore has held senior executive positions, including as chief operating officer of Cable & Wireless and senior positions in Motorola and IBM.

He was managing director of one of De La Rue's businesses between 1997 and 1999.

Senior independent director Andy Stevens said: "Philip has provided strong leadership to the board during the past seven years. As chairman, he has overseen considerable strategic change within the company and has steered it through a number of successes and challenges. Philip has had a long and distinguished career and on behalf of the rest of the board and all our employees, I thank him for his dedication and commitment to the company and wish him well in his retirement.

"The other members of the board and I are delighted that Kevin has agreed to succeed Philip. De La Rue will benefit enormously from his experience."

De La Rue has suffered a string of profit warnings and last year lost its contract to print British passports to French-Dutch firm Gemalto.

At 1340 BST, the shares were down 0.1% at 213.80p.