Andrew Price takes control of Paperlinx

Andrew Price has completed his journey from Paperlinx critic to powerbroker by taking day-to-day control of the company.

Price has left his role as executive director to become managing director and chief executive, effective immediately, the company announced yesterday afternoon.

“Dave Allen has stepped down as the group’s chief executive officer but will remain with the company until 31 December 2013 to assist with special projects and to work with Mr Price on transition.”

Allen was appointed interim chief executive in August 2012 following the departure of Toby Marchant before assuming the role officially in December.

Price was involved in a heated corporate battle with Paperlinx in 2012. He initiated a leadership coup in February against previous chairman Harry Boon but narrowly failed to unseat Boon at an extraordinary general meeting in March. He then made the shock decision to join Boon’s team in August. Boon then resigned in September.

[Related: Paperlinx appoints new chairman]

Price said: “I am excited about the future of Paperlinx and look forward to building on the good work started by Dave Allen, as we move towards a sustainably profitable business in a very difficult market.”

Chairman Robert Kaye said Allen had made a “valuable contribution to the turnaround efforts at Paperlinx”.

“Significant progress has been made over the last 12 months as the company restructures its business globally in the face of a declining paper market, while simultaneously focusing on developing its diversified businesses,” said Kaye.

“We are pleased that Andrew has accepted the role of managing director and chief executive officer.

“Since his appointment as an executive director in November 2012, he has been working closely with management, particularly in Europe, to accelerate the restructuring initiatives.

“Accordingly, the board is confident that Andrew will be able to return Paperlinx to profitability in the shortest possible time.”

Allen will receive a one-year termination payment. Price has been given a base salary of $751,000. An incentive package could see him earn up to double his base salary, but the bonuses “will only be paid if outstanding performance is achieved by both the company and Mr Price”, said Paperlinx.

[Related: Ups and downs of Paperlinx]

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