Tim Cobbold could be in line for a £1 million pay rise after he switches from being chief executive of banknotes printer De La Rue to run exhibitions and communications group UBM.
Cobbold was paid just £631,000 by De La Rue which issued its second profits warning in 12 months last October. He was brought in three years ago to turn the business around after it saw off a hostile takeover bid.
David Levin, who announced that he was leaving UBM as long ago as last July, was paid £1.76 million last year. UBM declined to comment immediately on what Cobbold’s pay package will be.
He leaves De La Rue at the end of March and does not start at UBM until April 6. De La Rue is in the midst of renewing its bid to print banknotes for the Bank of England. If the business is successful, the job will be worth £1 billion. Its present 10-year contract expires in March 2015.
De La Rue faces intense competition particularly because the new contract will include printing plastic banknotes for the first time in this country.
De La Rue said it would appoint headhunters to find Cobbold’s replacement and in the meantime Philip Rogerson would become executive chairman.