Matt Aitken has been named as IVE Group’s chief executive officer after managing director Warwick Hay announced his resignation after five years in the role.
Aitken has been the chief operating officer at the Australian Securities Exchange listed diversified marketing and printing business since August 2014 and has held a number of key executive roles with the company over the last 20 years.
IVE Group announced the management change today with executive chairman Geoff Selig thanking Hay for his contribution to the business, particularly through its listing on the Australian Securities Exchange in December 2015.
“I think after five years as the managing director of an ASX listed business you have done a lot of heavy lifting and he has looked at some options of where to next,” Selig told Sprinter.
“We are in a good position in terms of depth of people so I think it has been very well received internally.
“Matt has certainly been here a long time and is very much across the business.”
The change means Hay will leave the IVE Group board of directors but will remain with IVE Group for the next six months to ensure a seamless transition.
“Warwick has made an outstanding contribution to the growth and evolution of the business during his time as Managing Director. It has been a pleasure to have worked closely with Warwick during this period, in particular through our listing on the ASX back in December 2015. I thank him for his commitment and leadership of the business, and offer on behalf of our board and staff my best wishes for the future,” Selig said in a statement.
Hay described his experience at IVE as being very satisfying and commended the business for its solid values, great people and customer focus.
“It has been very satisfying to have worked in a business that has delivered for all key stakeholders since I stepped into the role 5 years ago. It’s been wonderful to lead a business that has solid values, great people, an acute customer service focus, and an ongoing commitment to investment back into the business. I wish Matt all the very best as he leads the business through its next phase,” Hay said.
Of his appointment, Aitken said, “I am delighted to have the opportunity to be the CEO of a business that has been the cornerstone of my professional career. I genuinely believe the value proposition we take to market and the dedicated people we have to support this has underpinned the sustainability and success of our business over a very long period. I look forward to continuing to build on the business we have today to ensure our ongoing success moving forward.”
IVE Group is one of Australia’s most diversified marketing, communications and print businesses with annual revenues of around $700m and over 1,800 employees.
In February IVE reported a proforma net profit after tax and amortisation (NPATA) of $20.8m for the half year to December 2018, a 7.9 per cent rise on the previous period.
Revenue was up 4.5 per cent in the results for the six months to December 31, 2018 to $375.6m while proforma EBITDA was $43.4m, up 13.3 per cent on the previous corresponding period.
The results came after IVE opened the Franklin Web NSW high volume print facility in October last year improving operational efficiencies and lifting revenues.
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