Former Stream Solutions boss Andrew Price is the new managing director and CEO at PaperlinX, replacing Dave Alllen, who has been in the job for less than 12 months. The rise to the top spot at the struggling paper giant is the culmination of a two year mission by Price, which saw him buy a significant shareholding, engage in an ultimately successful six month battle to oust former chairman Harry Boon and other directors, relocate to Europe, and become an executive director in November last year.

Rise to the top: Andrew Price is now the managing director and CEO of PaperlinX

In his new job Price will move to the UK. His salary will be A$751,000, plus rental assistance. He will also receive a short term incentive plan equal to his annual salary if an outstanding performance is achieved. Exactly what this will be is not revealed, although it is will almost certainly involve taking the company back into the black. PaperlinX has been losing money hand over fist since the GFC, although the most recent figures for the year 2012-13 have seen a turnaround of sorts, with losses stemmed to $90.2m compared with $267.7m the year before. And once one-off significant items were taken out the losses fell further to $39m. Revenue fell significantly, with the $2.8bn figure down by almost 15 per cent on the previous year. The initial term of the contract for Price is for 30 months, until April 2015. Allen’s departure is cushioned by him receiving a one year payout on departure, which will be in December.

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