The activist investor who pressured out the earlier chairman of De La Rue, the crisis-hit banknote printer, has accused its board of “a wasted opportunity” after it named a turnaround veteran as his successor.
Speaking to Sky News, the Crystal Amber government Richard Bernstein mentioned the choice to nominate Clive Whiley slightly than the billionaire financier Nat Rothschild was a mistake.
It emerged this week that main City shareholders in De La Rue have been pushing its board to rent Mr Rothschild, who has reworked the fortunes of the listed industrials group Volex.
On Thursday morning, the corporate mentioned Mr Whiley, whose candidacy was additionally revealed by Sky News, would take over from Kevin Loosemore.
It mentioned Mr Whiley was “capable of operating in all operational, financial or regulatory circumstances”.
“Accordingly, the board believes that Clive’s breadth and depth of experience and skills are what is required to pilot the business.”
Mr Bernstein didn’t criticise Mr Whiley personally however mentioned: “Having somebody of Nat’s industrial acumen and entrepreneurship would have instantly injected confidence.
“Nat is sensible and a person of motion, not phrases.
“This is a wasted opportunity not to involve a leader who already had a clear plan to rejuvenate a business that has suffered greatly over many years from poor management.”
Crystal Amber has fought a long-running battle with De La Rue, wherein it owns a stake of about 10%.
The firm has carried out disastrously, lavishing massive pay packages on its executives regardless of being pressured to situation a string of revenue warnings.
It was solely persuaded to withdraw its demand for an EGM to exchange Mr Loosemore with Pepijn Dinandt, an industrialist, when the incumbent agreed to fall on his sword.
Many shareholders now consider De La Rue is weak to a low-ball takeover supply, with the likes of American rival Crane NXT ceaselessly touted as a possible bidder.
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The London-listed firm has seen its shares stoop by two-thirds during the last 12 months, and now has a market worth of lower than £80m.
It raised £100m from a share sale in July 2020.
Last month, Sky News revealed that De La Rue had requested respiration house from its pension trustees by delaying almost £20m of retirement funding funds.
Controversially, it additionally criticised its auditor, EY, for together with a going concern warning in its accounts.
Shares in De La Rue have been buying and selling about 2% greater on Thursday morning.
Source: information.sky.com”