Opus Group executive chairman Richard Celarc has taken over the role of Group CEO from long-term chief executive Cliff Brigstocke, who will now focus on sales and marketing.
The move comes just weeks after the diversified printing group posted a $12m profit for 2015 as its cashed-up major shareholder, Hong Kong-based 1010 Printing, backed the acquisition of new assets including Adelaide laminating and foiling business Protectaprint. OPUS reported total revenue of $115m for 2015, with its flagship Publishing Services Division reporting a slight revenue drop to $94.9m.
In a brief statement to the ASX, Opus said:
Following a review of the current executive management structure by the board, the following role changes will come into effect immediately following this announcement.
Mr Richard Celarc, in addition to his executive Chairman duties, will take over the role of Group CEO.
Mr Cliff Brigstocke will take on the role of Managing Director (Sales and Marketing) to focus on sales and revenue.
Meanwhile, Opus announced it's selling off its Singapore division COS Printers to major shareholder 1010 Printing in a deal worth more than $19m.
'The sale of COS Printers will relieve OPUS management of the distraction of its undertakings and enable better focus on its printing businesses in Australia and New Zealand," said the company in an ASX announcement yesterday.