Pro-Pac Packaging (ASX:PPG) named David Hewish of Leaders on Demand as its Chief Transformation Officer, for an initial period of six months, to assist with the implementation of the strategic review, according to a Tuesday Australian bourse filing.
It is conducting a strategic review of its businesses, implementing plans for improved profitability, reviewing the allocation of capital, and continuing to assess its short-term and medium-term funding arrangements.
Its Executive Chairman, John Cerini, has stepped down from his part-time executive role and will continue as Non-Executive Chairman.
Its majority shareholder, Bennamon, confirmed it will loan the company the funds necessary for the engagement of Hewish.
Bennamon plans to sell a 5% stake each in Pro-Pac to the latter's directors, Mark Blackburn and John Cerini as well as a 5.65% stake in the firm to LOD Impact, an investment vehicle managed by the owners of Leaders on Demand. This will reduce Bennamon's stake in the firm to 50.10%.
Mark Blackburn, John Cerini, and LOD Impact confirmed that they will agree not to sell any of such shares for 12 months.
Pro-Pac's shares jumped 15% on market close on Tuesday.
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