Bluestar’s leading man Chris Mitchell resigns

Controversial leader of private equity backed Bluestar, Chris Mitchell has resigned from his role as managing director after navigating the Group through difficult months.

The shock announcement comes soon after the Group narrowly prevailed in reorganising bondholder’s money, in a debt restructure bid to stave off collapse. Left humbled by recent experiences, Mitchell (pictured) has presided over the radical remaking of Bluestar during his tenure.

The search for the trans-Tasman print group’s next top managing director is now open with Mitchell set to leave on 11 November. Chief financial officer Graeme Archer will see the company through the transition as he steps up as acting CEO.

The Board maintains that no changes to Blue Star’s strategic direction will result from Mitchell’s exit. In a statement it said: Following the recent company refinancing and capital bonds restructure, the Group’s balance sheet is stronger than at any time since Chris was appointed Managing Director in July 2008 and it has debt arrangements in place until 2015.

The Board wishes to express its appreciation for the significant contribution Chris has made, both in managing the business during an extremely difficult period and in formulating a new strategic direction for Blue Star.