Paper merchant Spicers - formerly PaperlinX - has announced that its chief executive and managing director Andy Preece has resigned from the board, effective immediately.
Paper merchant Spicers - formerly PaperlinX - has announced that its chief executive and managing director Andy Preece has resigned from the board, effective immediately.
Mr Andy Preece is stepping down from the role of the Managing Director and Chief Executive Officer (CEO). By mutual agreement, Mr Preece will serve out a notice period of nine months, of which, it is expected that he will continue in the role of CEO for the next 3 months whilst the search for his replacement is in progress.
The Board is appointing an executive search firm to identify a new leader. Mr Preece will receive statutory entitlements including payment of his notice period and accrued leave, but no further termination payment will be made.
Preece was named CEO of PaperlinX in February 2015 after the company suddenly terminated the contract of his predecessor Andrew Price, shortly before the collapse of the PaperlinX operations in Europe. PaperlinX changed its name to Spicers later in the year.
The resignation was announced shortly before Spicers posted a profit of $6.3 million for the six months to December 31, 2015, compared to a loss of $90 million for the prior corresponding period. Preece has not yet commented.