Managing director of Tullis Russell Papermakers Chris Parr will take over the position of group chief executive as of 1 September 2007.
Parr will combine his new role with his existing position while the longer-term management structure of the business is considered.
Munro said: “We’ve built a strong team and I know it will continue to prosper.”
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"This is a repeat of what happened to 1066 Capital t/a Crystal a year ago. They also never put this company in administration.
We are all still left unable to claim the redundancy and notice pay owed..."
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