Tim Cobbold, the Chief Executive of UK based commercial banknote printer De La Rue, has today announced that he is resigning.
This move comes just three years after he was employed by De La Rue as a replacement for James Hussey who resigned after taking responsibility for the problems the firm encountered with paper production irregularities at its Overton mill in 2010 affecting their contract with the Reserve Bank of India.
Tim Cobbold is moving industries to become Chief Executive for the events-led marketing and communications group UBM plc. He replaces David Levin, who transformed UBM from a UK-focused media conglomerate centred on magazine and television assets into the world’s second largest exhibitions business.
His departure from De La Rue leaves them looking for its fourth Chief Executive in ten years. Philip Rogerson, De La Rue’s non-executive chairman, will be appointed Executive Chairman until a replacement is found.
“Obviously, from our standpoint, it’s a disappointment, we would have preferred that he had stayed but we’re a well-run business with high-quality people – and life goes on.” said Philip Rogerson.
Tim Cobbold will leave the company at the end of its financial year on 29 March 2014, at the end of his three year plan to boost operating profit from £40 million to £100 million whilst delivering £30 million of cost savings. However, though he exceeded his cost saving target by £10 million, his profit target fell short by £10 million.
Tim’s departure also comes at a time when De La Rue are bidding for the £1 billion Bank of England print contract tender, of which the firm has held since 2003. In December 2013, De La Rue lost out on the Bank of England’s contract to provide the polymer material for the new £5 and £10 banknotes to Innovia Security.
“I am very proud of what the De La Rue team has achieved over the past three years. The business is much stronger today with a significantly improved financial performance, and is well placed for the future.” Tim Cobbold.