De La Rue has announced their new chief executive as the troubled banknote printer seeks to reshuffle its business to deal with a series of setbacks.

Former Rolls-Royce executive and turnaround expert Clive Vacher joined De La Rue on Monday as the replacement for Martin Sutherland.

Financial Times reports De La Rue’s setbacks include a Serious Fraud Office investigation. A profit warning also crept up, after which Sutherland announced his exit.

Vacher comes nearly two years after losing the contract to make Britain’s blue post-Brexit passports.

De La Rue manufactures about a third of the world’s banknotes and employs more than 2,500 people.

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