Barker says PaperlinX is conscious of the interests of its hybrid holders and other stakeholders, and plans to return the company to profitability. The last four years have seen the country’s biggest paper merchant, which has extensive overseas interests, and a market share here of around 40-45 per cent, lose a billion dollars.
Speaking to Australian Printer he says, “I have had some time come available recently, and wanted a challenge. PaperlinX is a great company and I believe we can turn it around and deliver profits.”
He says, “As the newly elected chairman, I am committed to working with the other directors and management to build rapidly and efficiently on the restructuring and diversification plans announced and restore value to shareholders.”
Andrew Price, non-executive director, PaperlinX, and the man behind the boardroom putsch that ousted former chairman Harry Boon and two fellow directors told Australian Printer, “I am delighted that we have someone of Mike’s calibre as our chairman and I believe he is the right man to put the company back on the right track.”
Barker isn’t from a print background, and says he will focus on financial management. He is an actuary with a career background in institutional investment management and has held a number of senior executive positions including with NatWest Investment Management, County NatWest Investment Management and Aetna Life and Casualty, Barker has also served on a number of boards as a non-executive director in the financial and property sectors and is currently director of Metlife Insurance.
Barker says, “I am impressed and encouraged by the quality and enthusiasm of PaperlinX’s management team. I am pleased to be associated with the company and look forward to building its future.”
“We have significant presence in many of the countries in which we operate, and we intend to leverage on our global position in coming months.”
Barker intends to keep shareholders and the general market regularly informed of PaperlinX’s progress.
Robert Kaye has been appointed to the board as a non-executive director while Michael McConnel has resigned from the board.
Boon and former CEO Toby Marchant have both left the company after a disastrous year for the paper merchant which saw PaperlinX more than double its financial year losses to $266.7m, a 147 per cent increase from the previous year’s loss of $108m.
The PaperlinX annual general meeting has been postponed from October 31 to November 15.
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