Pegasus Media & Logistics has lost CEO Mark Atkinson and CFO Frank Shapter after both were suddenly removed from the business.
Atkinson’s final appearance for Pegasus was attending the National Print Awards last Thursday night and shortly afterwards he was no longer in the role.
Atkinson was appointed as CEO in January 2024 after joining Pegasus in June 2023 as GM of operations.
Prior to this Atkinson worked at Ovato for four years as general manager and then later chief operating Officer at Ovato for almost two years.
Atkinson also had stints at PMP and Offset Alpine. His first role with Pegasus and AAB Holdings was from 2003 to 2005 and he had two stints at Rotary Offset Press from 1996 to 2003 and again from 2011 to 2014.
In a statement dated 26 May, but distributed on 29 May, Pegasus addressed the leadership changes within the business with an email titled ‘Change of Management Notification’ sent to partners.
“We are writing to inform you of recent leadership changes at Pegasus Media & Logistics, effective immediately,” said the letter signed by the board and directors of the company – Louise Bromley, Gerald Andersen and David Macindoe.
“As part of a strategic investment in the future of our business, the roles of Chief Executive Officer and Chief Financial Officer have transitioned to new leadership from within our stakeholder group.
“We are pleased to welcome Michael Sherlock as our new Chief Executive Officer and Peter Wong as our new Chief Financial Officer. These appointments follow a comprehensive review of our strategic direction and are aimed at strengthening our long-term sustainability and operational excellence.
“The Board of Directors will maintain direct oversight of the business and will work closely with the executive leadership team to ensure a seamless transition and continued excellence in service and performance.
“Please rest assured that our commitment to you – our suppliers and partners – remains unwavering. We look forward to continuing our successful partnership.”
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The owners have had to loan the business well over $10m just to the company afloat, so it’s no surprise that they are taking back control after an audit of their figures being presented to them. Hopefully they see quickly that they sell too cheap and that their team need to learn to understand true costs.