Frans Koffrie has stepped down with immediate effect as CEO of office equipment suppliers Corporate Express, the company announced on Monday. He is replaced by Peter Ventress.

The move is the result of a strategic review carried out after continuing bad financial results in the US, where the company makes half its turnover, and a fall of 47% in share value over the past nine years. Interest from hedge fund Centaurus, which bought 5% of the company’s shares in June, made the need for change urgent.
In its statement Corporate Express also says a stand-alone position as the global B2B player in the office supplies market is the best way forward.