Danwood CEO steps down

Steve Francis had achieved remit of resolving legal issues and restoring profitability, print VAR says

Danwood's chief executive has resigned after returning the formerly troubled print VAR to profitability.

Almost three years after being enlisted to stabilise Danwood in the aftermath of an accounting imbroglio, Steve Francis (pictured) today stepped down and is handing the tiller to chief operating officer Wes Mulligan.

In a statement, Danwood chairman Bob Ellis said "the remit for which Steve was engaged is now complete".

"After the successful completion of the restructuring and turnaround of the company, we have now had a period of stable profitability," Ellis added. "We have also achieved the successful resolution of the remaining inherited legal and contractual issues."

In its most recent financial year, Danwood reversed a post-tax loss of £8.9m to a profit of £5.6m, although revenues fell 8.4 per cent to £194.1m.

Mulligan, who has overseen Danwood's service, logistics and back-office efforts since Francis recruited him to his team in December 2012, will take the reins today.

"Wes has worked closely with me throughout my time here," said Francis. "He is the right person to lead this great business into the future. The team for growth is in place and now is the right time for Wes to take the reins."

Mulligan added: "This is an excellent opportunity to build on the stable foundation that Steve leaves behind. I have three main areas of focus; customer loyalty, market share growth, and value creation. I firmly believe that by concentrating our immense employee capability, supplier relationships and accumulated knowledge on these objectives, Danwood and its customers will benefit enormously."