Celarc to step down as Opus CEO
Celarc had taken on the role of chief executive in March 2016 shortly before long-term CEO Cliff Brigstocke was appointed the new chief at Blue Star, a division of IVE Group.
The diversified printing group posted a $12m profit for 2015 as its cashed-up major shareholder, Hong Kong-based 1010 Printing, backed the acquisition of new assets including Adelaide laminating and foiling business Protectaprint.
The move was announced in a statement to the ASX.
Mr Richard Celarc has indicated his intention to retire as the Chief Executive Officer of the Company after the Company’s 2017 annual general meeting currently scheduled to be held in May 2017.
OPUS was recapitalised in late 2014 when, in addition to other financial support, 1010 became a majority shareholder of the Company.
Mr Celarc supported the introduction of 1010 as a majority shareholder by subscribing for new shares in the Company and by returning as a full time executive of the Company to facilitate the transition of the operations of the Company under new majority ownership. Since the recapitalisation and under Mr Celarc’s leadership, OPUS has paid fully franked dividends of 14 cents per share out of operating profits including those generated through the sale of non-core businesses (COS Printing and Cactus).
Now that the OPUS group has established a firm and focussed foundation from which to move forward, the Board of Directors will commence the search for a chief executive officer which will lead OPUS into its next phase of growth. Announcement of the appointment will be made in due course.
The Board wish to thank Mr Celarc for his contribution to the OPUS group as Chief Executive Officer and is pleased that Mr Celarc has agreed to continue his involvement with OPUS as Chairman of the Board of Directors and as a senior advisor for a period of 3 years from the Company’s 2017 annual general meeting.