Top shareholders wanted to appoint Nat Rothschild as De La Rue chairman
Bust-up over chairman at De La Rue: Top shareholders wanted to name Nat Rothschild
Top shareholders of banknote printer De La Rue wanted to appoint billionaire Nat Rothschild as chairman, it turned out.
It yesterday hired Clive Whiley, a turnaround veteran who is chairman of Mothercare and seen as a safe pair of hands in the city.
But Crystal Amber, who owns 10 percent, said leading shareholders wanted Rothschild, who transformed industrial company Volex.
First pick: Crystal Amber, owner of 10% of banknote printer De La Rue, said leading shareholders are pressuring the board to take billionaire Nat Rothschild as chairman
Crystal Amber boss Richard Bernstein told Sky News: “This is a missed opportunity not to bring in a leader who already had a clear plan to rejuvenate a company that has suffered badly from poor management.”
Rothschild is flying high after an investment in Volex in 2008, a supplier of energy products.
Crystal Amber has had a long battle with De La Rue, who has performed disastrously in recent years, doling out large pay packages to executives despite profit warnings.
Its shares are down 60 per cent in the past six months and it has a market value of less than £80 million.