The PaperlinX Board has suddenly sacked CEO Andrew Price
after just 17 months in the job.
The paper merchant said in a statement it had terminated Price’s
contract ‘with immediate effect’ and temporarily replaced him with PaperlinX
Chairman, Robert Kaye.
“The Board believes the Group will benefit from new
leadership as it continues to evaluate all strategic options as part of the
Strategic Review (‘Review’) announced on 22 December 2014,” the statement said.
Earlier this month, Paperlinx announced an agreement to sell
its Canadian operation Spicers Canada to Central National-Gottesman. The sale
will proceed subject to the satisfaction of certain conditions, and completion
is expected at the end of February.
Previously, in 2012, Paperlinx sold its US paper operations.
In addition, the company has announced that it may sell or
restructure its European operations and is also considering capital raisings
and capital restructuring.
According to AAP, the company intends to diversify into visual
technology solutions, packaging and 3D printing. It posted a $63.6 million loss
last financial year.