The news was announced this morning (20 June).
Bal joined in 2022 after the abrupt exit of Paul Fineman, which followed two profit warnings.
Design Group chair Stewart Gilliland will become executive chair on an interim basis, until a permanent replacement for Bal is found.
Gilliland said: “We would like to thank Paul for his commitment to the group since 2022 and his hard work to deliver the transformation of the Group, which has dominated much of his tenure.
“The board would like to formally acknowledge and thank Paul for his role in the recent successful divestiture of DG Americas at an important point of the group's seasonal peak working capital period, which has protected the wider group from further financial and operational impact. We wish Paul all the very best in his next endeavours.”
At the end of last month the firm, which trades as Design Group, agreed a deal to offload its loss-making US business for an initial fee of just $1.
Bal commented: “When I joined the group just over three years ago, it was clear that there were strong relationships with customers, great products and a committed team – all of which remain today, notwithstanding the challenges faced and the transformation that was needed.
“I leave the business with my best wishes, pleased that we have protected the wider business with the disposal of DG Americas and knowing that the focus of the team and the board is firmly on driving the success of DG International.”
The group has already flagged that it will have to make a “very material write-down” due to its impaired investment in the US wing, and has also pushed back publication of its year-end results due to the sale.
The overall group had sales of just over $800m (£593m) in the year to 31 March 2024, with the US operation accounting for the lion’s share of sales at $500.3m, so the continuing business will be much smaller.
The group is headquartered in the UK but started reporting in dollars after two big acquisitions in North America. It makes a range of stationery, giftwrap and associated products.
