Paperlinx executives are set to take a significant pay cut after the company’s European foray saw it lose more than $300m last financial year and move back to the Asia Pacific.

Andy Preece CEO of Paperlinx

Andy Preece, chief executive of Paperlinx, will see his $889,220 salary cut by 20 per cent, while CFO Wayne Johnson will take a 10 per cent cut to his $510,000 salary. The directors’ salaries also took a hit from September 1. Chairman Robert Kaye drops from $300,000 to $180,000 and non-executive directors from $100,000 to $80,000. Kaye’s salary has previously been criticised by shareholders considering the company’s performance. Paperlinx – which will likely be renamed Spicers on October 23 – says the pay cuts are ‘as a direct consequence of the reduced complexity of the company’. The company will operate in this region only. According to the annual report, Preece earned an $119,059 bonus, 20 per cent of his maximum, mostly for his work at Spicers before taking over as chief executive in February. Johnson got $38,070 for the two months he was CFO.

Comment below to have your say on this story.

If you have a news story or tip-off, get in touch at editorial@sprinter.com.au.  

Sign up to the Sprinter newsletter