Significant changes continued at PaperlinX Limited of Australia last week as three key executives and board members resigned. The resigning board members include Harry Boon, Chairman and Non-Executive Director; Lyndsey Cattermole, Non-Executive Director; and Anthony Clarke, Non-Executive Director.
The company plans to make new appointments to the board prior to the effective date of these resignations, September 28, 2012.
These board changes come after a busy six months for PaperlinX Limited, which has sold operating units in the United States and Italy, while also reaching agreements to sell its operations in Slovakia, Hungary, Slovenia, Croatia and Serbia to the Heinzel Group for €19.6 million.
In late August, PaperlinX Limited reported its year-end results, which included a statutory loss of $266.7 million (after tax) for its most recent year, compared to a loss of $108 million for the prior year. The company states this is largely because of the board’s decision to write-off all remaining goodwill on its European operations.
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