The restructuring follows the sale of the firm's envelope manufacturing business last month.

The Fife-based papermaker sold its Eagle Envelopes and Trimfold business to German-based Mayer-Kuvert for an undisclosed sum in January.

Last year, the firm closed one of its papermaking machines at its Fettykil mill in Leslie, Fife, with the loss of 70 jobs, as the first stage in its new structure.

Mike Dickson, who has been advising the company on its strategy, has been appointed chairman, with Stephen Hutt and Michael Longstaffe, managing directors of the papermaking and packaging operations respectively, also joining the board.

David Robertson will combine the role of group managing director with his current position as group finance director.

Former chairman David Verden-Anderson, group chief executive Brian Henry, and non-executive director Bill Wood and Gavin Hepburn have retired.