Posts Tagged ‘Toby Marchant’

  • New PaperlinX CFO to move into UK head quarters

    Top end shuffles continue at PaperlinX with the company announcing this week the appointment of its new Chief Financial Officer, Richard Barfield, replacing the departing Tony Kennedy.

    Barfield, who will be based at the company’s UK head quarters, has most recently worked with two publicly listed companies, Northgate Plc, a UK-based commercial vehicle hire company active in several European countries and Spring Plc, a UK-based recruitment business.

    The company has publicly been on the hunt for a new CFO since early April when it announced that Kennedy would retire from his role on June 30 this year. While PaperlinX chairman, Harry Boon maintains that Kennedy’s decision to retire was not prompted by the turbulent events and financial performance struggles experienced by the paper merchant over the last year.

    However, in a statement released this week by PaperlinX, the company’s CEO, Toby Marchant (pictured) cited the soon-to-be appointed Barfield’s track record in regard to managing company restructuring processes. In the statement, released on May 31, Marchant said:

    Richard is a highly experienced and well respected Chief Financial Officer who has recently completed the turnaround and sale of Bezier Group in the UK. His experience and track record of improving the fortunes of businesses through restructuring and well considered management of the balance sheet will be invaluable to PaperlinX.”

    The new appointment is a move that will be watched closely by outspoken shareholder figurehead, Andrew Price, who announced this week on Twitter his decision to base himself in Oxford in the UK from June 12 to keep abreast of PaperlinX developments as they occur.

  • PaperlinX shareholder insurrection picks up pace

    “If the EGM was held today, the result would be completely different,” said Andrew Price, PaperlinX shareholder activist as he prepared for the first Sydney meeting of disaffected investors on Monday. He was referring to the company meeting in March where he lost a bid to oust the current chairman by as little as two percent of the votes.

    The standing room only Sydney meeting was the latest in a series of presentations Price is hosting to inform shareholders about the state of the company and his own plans to revive its fortunes. Following a number of Melbourne meetings where he spoke to over 300 investors, both retail investors and other who have a stake in investment funds, he believes there is now a very strong appetite for change.

    “Many investors didn’t have enough information at the time of the last meeting. Over 30 percent didn’t vote. It is my intention to help investors become better informed to they can play an active role in the governance of PaperlinX,” said Price.

    The continuing activism comes in the shadow of the presentation of PaperlinX Strategic Review to be presented by Toby Marchant, CEO, June 30.

    Price has undertaken not to press for any further shareholder meetings, with the caveat that he will change his mind if the company tries to do, “anything stupid, such as sell a profitable business asset to try to cover up the mess they’ve made.

    “I sincerely hope they have a better plan for the future,” he said.