Paper merchant Spicers has appointed Damien Power as its new chief financial officer after shareholders voted to remove former CFO Wayne Johnston from the board and elect six new directors.
Paper merchant Spicers has appointed Damien Power as its new chief financial officer after shareholders voted to remove former CFO Wayne Johnston from the board and elect six new directors.
In a statement to the ASX, Spicers said: Damien joins Spicers following a working career spanning 40 years, in senior finance roles across a broad range of industries and geographies. His most recent role was as Vice President & Controller, Asia Pacific for Jacobs, a NYSE listed leading global engineering services and construction company. Prior to this he served in a similar role for Aker Solutions, which was acquired by Jacobs in 2011.
Damien brings to Spicers extensive experience in leading multi-location finance teams, commercial finance activities, strategic planning and M&A activity.
“We are delighted to have Damien join Spicers as our CFO,” says CEO David Martin. “His wide-ranging business and financial knowledge, including multi-national and listed company experience, will be invaluable in leading our finance and IT operations with a sharp, commercially-focused approach.”
Martin thanked interim CFO Geoff Butcher, who assumed the role after Johnston left, for his “strong and valuable leadership.” Power will take up the position on 1 February, 2018.
In September 2017, Spicers shareholders voted to remove Johnston and elect six new directors to the board, including Vlad Artamonov and Todd Plutsky of New York private equity firm Coastal Capital, and former Spicers CEO Andrew Preece.
Spicers reported a statutory profit after tax of $1.7 million in the 2016-17 financial year, a drop of $3.6 million from 2015-16. In its full year results, the company posted sales revenue of $380.7 million, a 3.1 percent decline from the previous year.