In a ‘Change of Management Notification’ email distributed internally at Pegasus Media & Logistics and to partners on 29th May, the Pegasus Board announced the seemingly sudden appointment of Michael Sherlock as new CEO and Peter Wong as new CFO, replacing Mark Atkinson and Frank Shapter respectively.
Offering general assurances to employees, suppliers and partners, the email said he change was ‘part of a strategic investment in the future of our business’, saying that it came ‘following a comprehensive review of our strategic direction and was aimed at strengthening long-term sustainability and operational excellence’.
Signed by the Board and Directors of the company – Louise Bromley, Gerald Andersen and David Macindoe – the communication said: “The Board of Directors will maintain direct oversight of the business and will work closely with the executive leadership team to ensure a seamless transition and continued excellence in service and performance.”
Atkinson joined Pegasus from Ovato and has been In the CEO role for 18 months. His final appearance representing Pegasus was attending the National Print Awards on the night the email was delivered.
Consequent reports talk to a company that has continued to return significant losses under Atkinson’s leadership, returning pre-tax losses of $6.3m last year, leaving majority owner Sir Michael Bromley to bear much of the financial weight.
New CEO Michael Sherlock comes from the construction industry and brings a reputation for achieving strong commercial outcomes.
