Richard Barfield has been appointed group chief financial officer of Paperlinx, based in the UK.
“Richard is a highly-experienced and well-respected CFO who has recently completed the turnaround and sale of Bezier Group in the UK,” said Paperlinx CEO Toby Marchant.
“His experience and track record of improving the fortunes of businesses through restructuring and well-considered management of the balance sheet will be invaluable to Paperlinx”, Marchant said.
Barfield was previously CFO of two listed companies, Northgate Plc and Spring Plc, and his earlier career involved roles at KPMG Peat Marwick, SmithKline Beecham and Bell South.
He succeeds Tony Kennedy, who had been with the paper company for 22 years, having been CFO of the company’s North American division before returning to Australia in 2010.
Paperlinx earlier this year revealed a half-year loss of $60 million, which Marchant attributed to a sudden and severe deterioration in Europe.
Falling demand for paper products and adverse economic conditions have hurt the company and weighed on its share price.
In December, Paperlinx revealed it had received a highly-conditional takeover offer that valued the once successful company at just $117 million.
Meantime, the company has said that it will close its corporate office in Milton Keynes, UK, and that the CEO and CFO will move to the UK Northampton offices.
Global marketing and human resources functions are to be disbanded altogether with responsibility for these areas being transferred to the operating divisions.
