Pratt jnr takes Visy reins

Mr Pratt, 50, has assumed the leadership of the family-owned company with the resignation of John Murphy as chief executive. Mr Murphy, who took over as CEO about two years ago, will leave Visy on Friday, but will continue to provide strategic advice to the packaging, recycling, and pulp and paper company, which has annual sales of $3.5 billion.

In a statement, Mr Pratt said the family regretted Mr Murphy's decision. "But we respect his wishes and his view that he has achieved the short-term goals he and my father set for Visy," he said.

Mr Murphy took over the job when Visy became embroiled in the price-fixing scandal with Amcor, and Mr Pratt snr stepped back from company operations because of his ailing health.

Criminal charges were laid against Mr Pratt snr, but the Commonwealth Director of Public Prosecutions dropped them because of the dying billionaire's health, claiming the case could never be concluded. His lawyers urged the DPP to acquit Mr Pratt of all charges on the grounds the case was bound to fail. Mr Pratt jnr said that during this period, Mr Murphy helped to re-establish trust and business relationships with customers, and strengthened corporate governance and innovation in the company.

With Mr Pratt becoming executive chairman, Chris Daly has been appointed chief operating officer. Mr Daly, a former group general manager of the Visy Board division, has more than 26 years' experience with the company.

Mr Pratt, voted Australia's richest man by BRW, with a fortune estimated at $4.3 billion, shares his father's commitment to environmental issues.