Shock resignation as Alistair Hill departs Promentum

Hill gave no reason for his decision to leave Australia’s largest sheetfed printer, an organisation that he was mainly responsible for building from the ground up in a textbook case of industry consolidation. Speculation as to his motives is heightened by the fact that Hill left his post before a replacement was decided upon.

Chairman Ian Elliot will take an executive role while the search for a new CEO gets underway. The management changeover shock takes place against the background of an expected disappointing end of financial year result for the company, which is 26 per cent owned by PMP.

Hill is leaving the company unbowed, pointing out that the company, as a result of his major investment strategy, is one of the best equipped print businesses in the country.

“I am proud to have been part of a dynamic organisation and I thank all of our staff, clients and investors for their support over the years,” says Hill. “We have achieved what many in the industry said could not be achieved, with the business poised for even further growth.”

Hill points out it was not that long ago that the industry believed there was only space for small commercial printing businesses, a view he claims he helped turn around through growing the company significantly though a large number of acquisitions. He also points to the increasing importance of contracts during his tenure at Promentum, with many of its blue chip clients now engaged in contracted agreement with the company.

Ian Parker has prior experience in top-ranking positions at Sydney Markets Limited and Dairy Farmers, with a career history in consumer goods manufacturing and marketing.

“Ian Parker has been advising senior management and the board on the strategic review announced in May,” says Elliot, Promentum chairman. “His skills and experience in manufacturing, marketing and strategy development are a perfect fit for Promentum. As interim chief executive he will hit the ground running because of the time he has already spent with the executive team.

“Our focus is on completing the strategic review and delivering the most effective cost base with which to grow sales and profits in an increasingly competitive market. We expect to update the market on the outcomes, as previously planned, at the end of the month.”

Net profit before tax for the 2205/06 financial year is expected to be in the range of $9 million for the company.

As the arch consolidator of the sheetfed printing industry Hill was responsible for the takeover of many iconic printing firms along the east coast of Australia. These include the sheetfed division of PMP (which gave the company its major stake in Promentum), Concord Printing, Chanel Press, Inkolour, Mercury Walch, Mockridge Bulmer, Potstill Press, Prestige Plates, RT Kelly, Southport Printing, URI Printing, Victorian Printing and Websdale Printing, – and of course Penfolds and Buscombe Print.

The most recent acquisitions by Promentum were of Scanlon Printing and Octane Digital in Queensland, which were both purchased to help boost the company’s struggling operations in the state.