Paperlinx announced today that Boon would leave the board on 28 September – two months after Marchant’s departure and one month after former critic Andrew Price joined the board.

The company’s shares were valued at 11.5 cents when Boon became chairman in September 2011, but were only worth 5.9 cents at the close of yesterday’s trading. The shares were priced at $2.58 when he joined the board in May 2008.

Prominent critic Graham Critchley told ProPrint that Boon’s departure was “long overdue” and said he should have resigned after only narrowly thwarting Price’s bid to unseat him at an Extraordinary General Meeting (EGM) in March.

“He should have said ‘you’ve voted and I’ve heard your vote’. He should have done the decent and honourable and practical thing there and then. The months since have been a great loss and waste of time for which he must be accountable,” said Critchley.

Paperlinx shares were trading at 12 cents just before the EGM.

Boon oversaw the completion in July of a year-long strategic review, which the company said had left it leaner, more liquid and focused on key markets.

However, he also oversaw a net loss of $267 million in August, which meant Paperlinx had lost $1.4 billion since its last profit in 2008.

Today’s statement announced that non-executive directors Lyndsey Cattermole and Anthony Clarke would also be resigning on 28 September.

Critchley speculated that they may have resigned because they feared the calling of another EGM at which their positions would be threatened.

Paperlinx said it expected to announce its new board appointments before 28 September.

Click here to read about the ups and downs of Paperlinx.

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