CSG chairman steps down
- 01 May, 2018 11:59
CSG Limited (ASX:CSV) chairman Stephen Anstice has resigned as chairman and non-executive director of the company after years at the helm.
The publicly-listed managed print and IT services provider told shareholders on 1 May that Anstice, who is also a non-executive director for fellow production print player PMP Limited, is leaving his dual posts due to personal reasons.
The company has appointed non-executive director Bernie Campbell as chairman on an interim basis, while the search for a new non-executive director and chairman kicks off.
“Stephen has made a significant and lasting contribution to CSG since being appointed as a non-executive director in August 2014 and Chairman in February 2016,” Campbell told shareholders in a statement. “The board respects his decision to step down and wishes him well in the future.”
Anstice’s resignation comes after a somewhat tumultuous period for the company, with CSG revising its revenue guidance for the 2018 financial year down by $7 million, to $253 million, in early February.
In late February, CSG reported a 136 per cent year-on-year net profit after tax (NPAT) decline, seeing the company post a $3 million loss for the six months ending 2017, with underlying NPAT down by 83 per cent, to $1.4 million during the period.
The financials came on the heels of the company reporting a net loss after tax (NPAT) of $43.7 million for the financial year ending June 2017, after writing off $55 million of goodwill associated with its print business in early August last year.
In October last year, meanwhile, CSG was given until early November to pay former employee Forrester Leahey $360,000, after the Federal Court of Australia backed his unfair dismissal claims against the company.
The former CSG Communications regional manager for NSW and the ACT, who had been employed by the CSG service business, launched legal action against the publicly-listed IT and print services firm in late 2016.
As reported by ARN in September last year, Federal Court judge, Justice Michael Lee, handed down a ruling that sided with Leahey on several fronts.