Derek Ashley has resigned from his positions at Applied Graphic Technologies to return to his home in the UK.


No further reasons have been given for his sudden resignation, but AGTs board of directors is selecting candidates for the position of chief executive officer.


Ashley, who is vice-chairman, director, chief executive and chief operating officer, will remain with the company until mid-January 2001.


Joseph Vecchiolla, senior vice president and chief financial officer, will expand his role to include chief operating officer.


Chairman Mort Zuckerman paid tribute to Ashleys achievements: Although the company still faces
challenges, we believe Ashley has helped to put us on the right track.


Zuckerman added that as a result of Ashleys efforts, the company reported its first period of positive earnings in five quarters.


Applied Graphics Technologies acquired Wace in May 1999 after a lengthy takeover battle that also involved Schawk and Photobition.


At the time, Ashley pledged to stay with the group, but finance director Stephen Puckett left in October 1999.


Ashley was unavailable for comment.


Story by Andy Scott