Pact Group Holdings Ltd (ASX: PGH) has appointed a new Managing Director and Chief Executive Officer with the objective of getting the right leadership for the company. The appointment will see Mr Sanjay Dayal taking the helm of packaging manufacturer Pact Group with effect from 3 April 2019.
Mr Dayal has most recently held the position of Chief Executive, Building Products, Corporate Strategy and Innovation in BlueScope Steel. With extensive operations experience and an excellent understanding of both manufacturing and supply chain, Mr Dayal is believed to bring a collaborative leadership style with a strong focus on customers and performance to Pact.
Pact Group’s Executive Chairman, Raphael Geminder, stated “Following a comprehensive global search, the Board was unanimous that Sanjay is the right fit for the business. Sanjay is a unique leader with an enviable track record of success. His experience, having lived in both Asia and Australia for extensive periods of his career, will support Pact’s recent geographic expansion.”
Prior to BlueScope, Mr Dayal had worked at senior positions with Orica and ICI, including Regional General Manager for Manufacturing and Supply Chain and General Manager for the DynoNobel Integration, based out of London.
The management further advised that Sanjay brings to Pact broad leadership experience across diverse global organisations. It is primarily based on his understanding of exceptional quality and service to customers, a direct result of years of experience in manufacturing and supply chain. Since the group is steeping towards acquisition driven value-addition approach, Pact believes Mr Dayal’s leadership combined with the strength of its existing leadership team will transform the future of the Group.
Mr Dayal has been appointed on a rolling contract and his total remuneration reportedly includes both fixed and at-risk components to ensure alignment with all shareholders. This underscores his annual base salary of AUD 1,200,000 and the at-risk components subject to meeting short term and long-term performance criteria.
Group revenue for the half year ended 31 December 2018 increased 13.3% compared to the pcp Excluding acquisitions, revenue was up just 1% compared to the previous corresponding period. EBIT stood at $110.1 million, lower $10.6 million compared to the previous corresponding period as the group witnessed the lags in recovering significantly higher raw material prices in both the Australian packaging and contract manufacturing businesses along with significant energy cost increases in Australia.
On the bottom line front, Pact report reported the statutory net loss after tax for the half year of $319.6 million, compared to a net profit after tax (NPAT) of 44.1 million in the prior corresponding period. The loss reflects as massive as $407.7 million pre-tax significant items including impairment expense of $368.8 million during the half year ended 31 December 2018.
In today’s trading session, PGH has edged up 2.052% to trade at $2.735 on 28 March 2019 (1:58 PM AEST). Over the past 12 months, the stock has declined 51.27% including a negative price change of 21.87% recorded in the past three months.
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