The board of Paperlinx has been overhauled with the resignation of a fourth director and the appointment of a new chairman and a non-executive director.
Michael Barker has been appointed chairman with immediate effect, thus ensuring an ongoing quorum, according to the company.
As a result of this appointment, the three previously announced resignations of chairman Harry Boon, Lyndsey Cattermole and Anthony Clarke have been brought forward to have immediate effect.
Subsequently, Robert Kaye SC has been appointed to the board as a non-executive director with immediate effect while Michael McConnell has resigned from the board.
Barker is an actuary with a career background in institutional investment management and has held a number of senior executive positions including with NatWest Investment Management, County NatWest Investment Management and Aetna Life and Casualty.
Kaye is a senior counsel in NSW who has given legal and strategic advice and acted for many public and private financial institutions and commercial enterprises.
Barker said together with the rest of the board and management he would be focusing on the company's restructuring and diversification plans to restore value for its shareholders.
"The industries in which we operate have been facing challenging times, particularly in Europe, and major efforts are being devoted to our European operations to bring their results in line with the better performing operations in Australia, New Zealand, Asia and Canada," he said.
