API Group has appointed Derek Ashley as its new chief executive, replacing Michael Smith, who resigned after a profits warning was issued earlier this year (PrintWeek, 14 July).


Two weeks ago, Ashley suddenly resigned from his post as chief executive officer of US group Applied Graphics Technologies (AGT) to return home to the UK (PrintWeek, 8 December).


API chairman Moger Woolley described Ashley as having the blend of experience" the group was looking for, adding that he had successfully turned round businesses in the past".


Earlier this month (PrintWeek, 1 December), API said it would close its loss-making metallised paper factory in Macclesfield and its laminates factory in Rochdale with the loss of 110 jobs. But 40 new jobs will be created at its plant in Caerphilly, Wales once the work from Macclesfield is transferred.


Ashley will take up his new role in January 2001and will be appointed to the API board following its AGM on 8 February.


He joined AGT in June 1999 after its acquisition of Wace, where he had been chief executive from May 1998.


Story by Andy Scott