Geoff Stephenson (pictured) will join on 31 May from Iplex Pipelines, an Australian pipe and fittings manufacturing company, which "completes the restructure and strengthening of the finance and treasury team", according to PMP.
Elbourne will become general manager of finance - reporting directly to Stephenson - with responsibility for group shared services, IT and group accounting.
Elbourne had served in the CFO role since April last year, at the same time that former CFO Richard Allely took on the full-time role as chief executive.
PMP nodded toward expansion plans, saying that Stephenson would bring to the company "a very strong strategic focus with extensive involvement in M&As and major capital expenditure growth projects in industries across Australia, Asia, Europe and the Americas".
Allely said: "Geoff comes to PMP with an impeccable background running large finance functions within significant businesses in Australia."
Stephenson said he was joining PMP "at an exciting time in the company's history".
"Much of the transformation work initiated by Richard Allely has been completed and we are now looking towards a period of growth," he said.
PMP has made widespread changes to its executive team over the last year as part of a "transformation plan" outlined by Allely.
Allely recently described the changes at its Distribution team as instrumental in the company winning a series of major contracts.