Barfield was only appointed as group chief financial officer in June this year and was based in the United Kingdom (UK).

PaperlinX plans to reduce its UK workforce by 12 per cent in response to depressed trading conditions in Europe, with 200 jobs to be lost. The UK restructure would cost $3m, but the company says combined with cost cuts, would deliver $13m in annual benefits.

PaperlinX says based on decisions made to date, in total, European restructuring in the 2013 financial year will see 370 employees leave the business.

Andrew Price was appointed executive director and charged with spearheading new restructuring and cost reductions in the UK and Europe, with the aim of saving $13m a year.

PaperlinX recorded a net loss of $266.7m for the financial year ended June 30, 2012 after writing off the value of its European operations.

Barfield told PaperlinX shareholders that the loss of $266.7m in the 2012 financial year was an unsatisfactory figure.

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