Dryden joined Flint in the summer of 2013 as CFO. He subsequently become CEO of Flint’s Commercial, Publication & Sheetfed Inks division and then COO of the entire group, stepping up to CEO in the autumn 2021.
Prior to that he was group finance director at DS Smith.
In a statement Flint Group said that Dryden was leaving having overseen the successful completion of the manufacturer’s debt restructuring in September 2023, as well as bringing together a new board of directors.
The consumables giant and Xeikon owner employs around 5,000 people worldwide and had sales of €1.5bn (£1.28bn) last year.
Dryden said he was proud of his track record at the company as it reshaped and navigated the global crises of recent years, and the time was right to move on.
He said: “Leading this company through the challenges of a restructuring and change in ownership has been a privilege.
“I'm extremely proud of what we have accomplished together, despite the headwinds that we faced in these past years. With the restructuring process complete, a new board appointed and at a time of strong operational performance, I believe it’s the right moment to hand over to the person who will lead the business through its next chapter.”
He told Printweek: “I’ve had a brilliant ride over the past 11 years and it’s been a privilege to be CEO at Flint.
“I’m leaving the business in great shape with a really strong team – from the management down to our team making the ink on the shop floor.”
The refinance boosted Flint’s balance sheet through a deleveraging of around €760m, while cashflow benefited from a reduction in debt service costs.
It also gained €72m in new liquidity.
The group’s ownership was transferred from former shareholders to a consortium of investors led by Alcentra, Baring Asset Management, CVC Credit, and KKR Credit.
Flint Group chairman Jason Clarke praised Dryden’s contribution to the business, and said: “On behalf of the board, I would like to thank Steve for his leadership and dedication to Flint Group and its stakeholders during a period of change.
“Steve leaves a business in excellent health, with an experienced executive team, and on a strong early trajectory in 2024 with volumes and margins ahead of both budget and prior year. The board wishes him success in his future endeavours.”
Alongside Clarke and Dryden, the current leadership team is made up of CFO Ron Muawad, chief HR officer Darren Miller, chief commercial officer Doug Aldred, chief operations and supply chain officer Tony Lord, chief digital officer Michael Fein, and general counsel and chief administration officer Jeremy Berenzweig,
Agfa CEO Pascal Juéry is a non-exec, as is Peter Waller who is CFO at contract manufacturer Aenova Group.
Flint moved its headquarters from Luxembourg to Jersey in the Channel Islands toward the end of last year.
Dryden's future plans could include taking up another executive role, or non-executive roles.
