DE la Rue, the world's largest commercial banknote manufacturer, has appointed Jitesh Sodha as its new chief financial officer.

The company operates two factories on Team Valley Gateshead, which produce banknotes, passports and postage stamps.

Mr Sodha will replace Colin Child, who steps down from the board at the firm's annual general meeting in August.

Philip Rogerson, chairman of De La Rue, said: "Jitesh's wide ranging financial and commercial experience gained within a number of large international businesses will be an asset to the company and I look forward to welcoming him to De La Rue."

Mr Sodha most recently served as CFO of fuel company Greenergy and he held similar roles with Mobilestreams and T- Mobile International UK.

The Northern Echo last month revealed that up to 85 jobs were being cut at De La Rue's Gateshead site as the firm tackles falling profits and fierce competition from Europe. It will leave it with a North-East workforce of around 500 people.

As part of the cost cutting drive the firm's Team Valley plants, which produce security stamps, as well as about ten million foreign notes a day, will be included in a company-wide review of its manufacturing division.

De La Rue has previously stressed the continued importance of the North-East to its long term plans which has seen about £5.5m spent to upgrade its Gateshead sites over the last three years to meet increasing demand for notes to include high tech security features that thwart forgers.

In its latest accounts De La Rue's pre-tax profits dropped by more than a third to £69.5m in the six months to March 28, down from £89.3m in 2013/14. Revenues were also down to £472.1m from £513.3m last year.