The US-headquartered group has now spun off its LSC Communications and Donnelley Financial Solutions operations into separate entities.

Former RR Donnelley president and chief executive Thomas Quinlan becomes chief executive of the $3.7bn (£2.9bn) turnover LSC Communications business, which includes magazine, catalogue and book printing, and office products.

He described it as a “significant milestone” for the group. “With this transaction, we have created three focused companies, which we believe are positioned to pursue their own growth strategies with tailored capital structures to better finance each business's strategic plan,” he stated.

The new Donnelley Financial Solutions business, which is focused on printed and electronic communications for global finance and investment markets, is headed up by CEO Daniel Leib. It is expected to have sales of circa $1bn.

Daniel Knotts becomes chief executive of the remaining $7bn turnover RR Donnelley & Sons operation, which retains both the name and original stock market listing, and encompasses business process outsourcing (BPO) as well as commercial and digital print.

Share in LSC Communications rose 10% on the firm’s first day of trading, finishing at $37.40; while Donnelley Financial Solutions shares were up 13.73% at $29.00. A one for three reverse stock split that had been agreed as part of the deal became active on 1 October, leaving RR Donnelley shares at $15.72.

RR Donnelley retained a 19.25% stake in the two spun-off operations.

It is using the proceeds of the spin-off to cut its $3.6bn debt pile. The business said its pro forma debt had been reduced to $2.2bn as a result of the transactions.