New Norprint Labelling Systems managing director David Wood wants to "stabilise the business and get it moving again".
Wood replaces Eden Douglas who, according to the company, "has left to pursue his own personal interests".
Central Midlands GPMU officer Kevin Hepworth said: "The company has not been performing as well as expected and reading between the lines I would say the financial backers needed a change."
Wood was appointed in June and has undertaken a strategic review of the company.
"I want to focus the business back onto what Norprint is good at developing wide ranging technical solutions for the market," he said.
Wood has a background in consultancy and general management, including six years in the retail banking sector.
Have your say in the Printweek Poll
Related stories
Latest comments
"Thank you for the opportunity to comment on this Jo, and PrintWeek!
Please feel free to get in touch with the Howden Print Team to arrange your own Free of Charge Cyber Micro-Penetration Test to help..."
"I never quite understand the statements such as "achieved such a positive outcome for this well-established business".
The established business unfortunately failed and no longer exists, a..."
"Genuinely sorry to read this."
Up next...

Commitment, presence and energy will be much missed
Tributes paid to Lascelle Barrow

Around 300 roles may be affected
International Paper to close five UK packaging sites

Asset ownership delayed process
Reflections to be liquidated

'Start of a new era'