Price told ProPrint that the paper merchant’s recent restructuring had persuaded him to accept a non-executive directorship – despite rejecting the same role five months ago.
He said much had changed since his failed bid to unseat chairman Harry Boon at an Extraordinary General Meeting (EGM) and the fiery campaign that preceded it.
“The board have done a lot since March. Paperlinx was in a different financial position in March than it is today. Had I known the board were going to do what they have done in the past few months, I would have taken a different tack.”
Price said he had gained a great insight into the market and the company since arriving in Europe in mid-June on a fact-finding tour.
“Once I did that, I saw great opportunities for the business and I wanted to be a part of it,” he said.
“Secondly, the board concluded their strategic review which set the foundations for future growth.
“When Harry Boon called me and explained what the board had done and asked me if I wanted to join the board, I enthusiastically accepted.
“There’s some great potential in this business now that some hard decisions have been made.”
Price told ProPrint that he would have no problem working with Boon, despite the attacks they made on each other before the EGM.
“In recent times, since Harry Boon invited me to join the board, we have worked exceptionally well together and I see no reason why that won’t continue to be the case.”
Prominent Paperlinx critic Graham Critchley said Price’s shock decision to join the board would only have occurred after he and Boon reached “some unspecified accommodation”.
However, Price said there was “absolutely not” an agreement in place for him to replace the recently departed Toby Marchant as chief executive.
Paperlinx’s executive general manager of corporate affairs, Wayne Johnston, told ProPrint that he didn’t know of any deal and assumed any such agreement would have been announced.
Meanwhile, Paperlinx announced today that it had agreed to buy Christchurch-based Canterbury Packaging for $2 million as part of its diversification strategy.
The company distributes industrial packaging consumables, is profitable and has a turnover of $2.9 million, according to Paperlinx.
In other news, UK commercial print director Malcolm Lane-Ley has moved on after eight years in the role, while UK and Ireland chief Paul French will leave at the end of September.
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