The chairman of global construction and support services company Carillion has been appointed executive chairman of North East banknote printer De La Rue on a temporary basis.
The firm, which employs 400 at its regional base in Team Valley, Gateshead, yesterday announced that Tim Cobbold, its chief executive, has tendered his resignation as chief executive so he can accept an appointment as chief executive of UBM plc, a global live media and B2B communications business.
He will resign as a director of De La Rue on March 29 and will leave the company on that date.
In accordance with stock exchange listing rules, Carillion yesterday announced that its chairman Philip Rogerson – who is also non-executive chairman of De La Rue – has been appointed executive chairman of the bank note printer until a new chief executive joins the board of that company.
Rogerson is also due to retire from the board of Carillion on May 7.
Rogerson said: “I would like to record the board’s appreciation of Tim’s significant contribution over the past three years and to wish him well with his future career.
“He leaves De La Rue as a stronger, healthier and more dynamic company than when he joined, and with strong forward momentum underpinned by a good R&D pipeline and order book.”
Tim Cobbold added: “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.”