PaperlinX appoints barrister as its second chairman in just six months
Mr Kaye, who joined the PaperlinX board as a non-executive director in September 2012, replaces Michael Barker as chairman.
The company did not give a reason for the change.
Mr Barker was handed the top job last October as the unprofitable Melbourne-based company began a major restructure, which includes asset sales and the closure of its Tasmanian operations. Mr Barker had joined the board at the same time as Mr Kaye, replacing Harry Boon after he and two directors resigned.
The company also lost its former chief, Toby Marchant, last July.
PaperlinX on Tuesday said Mr Barker would remain as a non-executive director.
Its shares closed down 1.15 per cent to 8.6¢ against a slight lift in the broader market.
But the shares have grown by 17.8 per cent this year, taking PaperlinX's market capitalisation to $52.4 million.
In February, it posted a first-half loss of $57.3 million, including an impairment charge of $24.7 million, and said it hoped to return to profitability in 2014 following a major restructure.
Frequently Asked Questions about this Article…
PaperlinX has appointed barrister Robert Kaye as its new chairman. Mr Kaye joined the PaperlinX board as a non‑executive director in September 2012 and replaces Michael Barker as chairman.
The company did not give a reason for the change in chairmanship. The article reports that Robert Kaye replaced Michael Barker but offers no explanation from PaperlinX.
Yes. PaperlinX said Michael Barker will remain on the board as a non‑executive director following the appointment of Robert Kaye as chairman.
Mr Barker and Mr Kaye both joined the board in late 2012, replacing Harry Boon after he and two other directors resigned. Mr Barker had been appointed chairman in October as the company began a major restructure.
On the day of the report PaperlinX shares closed down 1.15% to 8.6 cents, despite having risen 17.8% year‑to‑date. The company’s market capitalisation was reported at $52.4 million.
In February PaperlinX posted a first‑half loss of $57.3 million, which included an impairment charge of $24.7 million. The company said it hoped to return to profitability in 2014 following its major restructure.
The major restructure described in the article includes asset sales and the closure of PaperlinX’s Tasmanian operations. These steps are part of efforts to cut costs and move the company back toward profitability.
Investors should monitor official announcements about the restructure, any further board or executive changes, updates on the company’s path back to profitability in 2014, and ongoing share‑price movements, all of which were highlighted in the article.
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