Hay to leave IVE, Aitken to step up
IVE Group managing director Warwick Hay is to leave the company, with current COO Matt Aitken now becoming the new group chief executive officer.
Aitken's appointment to the top job is effective as of today. Hay will remain with the company until the end of January. He will assist with transitional duties, and remain available to IGL to provide assistance as required.
Hay has been with IVE for the past ten years, and as managing director of the last five. Aitken has worked with IVE executive chairman Geoff Selig for the past two decades. Selig told Print21, “It will be a seamless transition. We have succession planning in place. Warwick felt that after ten years he wanted step aside to pursue other interests.”
During Hay's tenure as managing director the company successfully listed on the ASX, bought half a dozen print businesses, including Franklin Web and AIW, strengthened its diversification strategy, and built a brand new $50m highly automated heatset plant, Franklin Web NSW. The company has been in profit on every set of results since it listed.
Hay said “it has been satisfying to have worked in a business that has delivered for all key stakeholders since I stepped into the role five years ago. It’s been wonderful to lead a business that has solid values, great people, an acute customer service focus, and an ongoing commitment to investment back into the business. I wish Matt all the best as he leads the business through its next phase”
Announcing Aitken’s appointment, Selig said “Matt has been a core member of the leadership team for a very long time. We are most fortunate to have someone of Matt’s calibre and commitment to seamlessly transition into the leadership role of the business.
“I have worked very closely with Matt over the last 20 years and the level of respect with which he is held across the business and the broader marketing communications sector is testament to his personal style and skill set”
Of his appointment, Aitken said “I am delighted to have the opportunity to be the CEO of a business that has been the cornerstone of my professional career. I genuinely believe the value proposition we take to market and the dedicated people we have to support this has underpinned the sustainability and success of our business over a long period. I look forward to continuing to build on the business we have today to ensure our ongoing success moving forward”
The company will not be appointing a new chief operating officer.
IVE wil shortly be releasing its full year results. In 2017/18 IVE revenue reached $694m, with pro forma EBITDA up by 32.4 per cent to $73.2m, and pro forma net profit after tax also up by 32.4 per cent, to $35.9m. In February it told the ASX that its period of heavy lifting was over, and it was now focusing on realising the returns of its strategic initiatives.