Having previously given 12 months notice, Allely will now leave the job on October 19 to make way for George as his replacement three days later.

PMP says that after consultations, directors had decided that shareholders’ interests were best served if a new managing director was appointed “as soon as possible”. The major factor is a transformation plan expected to take a year to complete.

“The directors concluded that the needs of the company, its shareholders and employees would be best served by having a managing director that would both implement the transformation plan and then lead the company for at least two years after implementation,” it said in a statement.

Peter George, who had been a non-executive director for nine years, was recently appointed chief operating officer, which role will not be filled with his promotion.

A b oard statement describes him as “a seasoned chief executive with a strong record in corporate restructure”, crediting him as “largely responsible for the successful transformation plan of the New Zealand print business”.

Allely will assist his successor with client introductions and the transfer of strategic projects this week, and has agreed to be available for advice, when requested, until September 30 next year, his departure date under the most recent agreement. The company says he will be paid out the balance of his notice period and all legal entitlements. The board has thanked Richard Allely for his ten years of service and wished him well in his pursuit of a non-executive director career.