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    01.10.2010   PAPERLINX: NEW CHIEF EXECUTIVE OFFICER    ( Company news )

    The Board of PaperlinX Limited advises that Mr Toby Marchant, CEO of PaperlinX Europe, has been appointed as Managing Director and Chief Executive Officer of PaperlinX Limited effective 1 November 2010 to replace Mr Thomas Park. Mr Park will step down from PaperlinX on 31 October 2010.
    “The Board acknowledges the commitment that Tom has shown as Managing Director and CEO over the past 6 years”. PaperlinX Chairman Mr David Meiklejohn said. “The recent exit from manufacturing, the $1.2 billion reduction of debt in the last 18 months, and refinancing away from the historical lender group have resulted in a more focused, streamlined and flexible organisation. It is now an appropriate time to make this organisational change.”
    Mr Marchant has over 30 years experience in the Paper merchanting industry. He was Managing Director of the Robert Horne Group in the UK when PaperlinX acquired Buhrmann in 2003, was appointed Regional President of PaperlinX UK in 2005 and became CEO of PaperlinX Europe in 2008.
    Mr Marchant will continue to be based in the United Kingdom, whilst the statutory head office will remain in Mt Waverley, Victoria. The role of CEO Europe will not be replaced.
    “Toby’s appointment follows a lengthy succession planning process by the Board. Toby will be leading a very strong management team and is well qualified to lead PaperlinX as the focus shifts towards operational management following the resolution of these major strategic issues.”
    “On behalf of the Board and the shareholders I thank Tom for his substantial contribution to PaperlinX and for leaving a strong management team in place. We welcome Toby to his new role and the Board looks forward to working with him.”
    These changes will reduce corporate costs, will further streamline the organisation following the exit from manufacturing, and will remove a layer of management as reflected in recent announcements.
    In accordance with the terms of Mr Park’s employment contract his termination payment will comprise 12 months total fixed remuneration in lieu of notice plus outstanding leave entitlements. (PaperlinX Limited)
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