The CEO of PaperlinX has quit the paper merchant, with vice-president Dave Allen taking over as interim chief executive while a search is undertaken for a replacement
"We have reached a major turning point in the transformation of PaperlinX, and the board and I have agreed that it is an opportune moment for me to step down as chief executive," Marchant said in a statement.
"I am doing so knowing that we have taken major strides towards dealing with our significant legacy issues, in the midst of exceptionally hostile conditions, and that we are now on the right path."
PaperlinX also announced that it has agreed to sell its operations in Slovakia, Hungary, Slovenia, Croatia and Serbia to the Heinzel Group. Net proceeds after debt and transaction costs are expected to be about $21 million