George was previously a non-executive director at PMP for nine years, and was until recently the company’s chief operating officer, he will begin his role as PMP’s managing director effective from October 22.

Allely had submitted his resignation effective September 30, 2013 but after consulting with Allely, the PMP directors made the decision that it was in the best interest of shareholders that a new managing director be appointed as soon as possible.

The major factor considered by the directors was the significant transformation plan that is being undertaken by the company and is expected to take a year to complete. The directors had concluded that the needs of the company, its shareholders and employees would be best served by having a managing director that would both implement the transformation plan and then lead the company for at least two years after implementation.

Allely will assist George with the client introductions and the transfer of strategic projects. Allely has also agreed to be available for advice, when requested until September 30, 2013.

Allely will be paid out the balance of his notice period and all legal entitlements.

PMP reported a net loss of $24.5 million in 2011-12, wider than the $11.3m loss in the prior corresponding period. It paid dividends of 2c per share last financial year.

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