The chief executive of Mondi is retiring from the paper and packaging giant after 17 years at the helm of the FTSE 100 company.
David Hathorn will be replaced by Peter Oswald, the boss of its European and international division.
Mr Hathorn joined the group in 1991 and became chief executive in 2000, and was “instrumental” in its international expansion, according to joint chairmen David Williams and Fred Phaswana. Mr Hathorn also steered the company through its demerger from mining group Anglo American in 2007.
He will stand down at the end of the company’s annual general meetings in May, and will continue to work for Mondi in an “executive capacity” until February next year.
“It has been a great privilege to have worked for the Mondi Group over the past 26 years, being involved in its development from a regional business to a truly international group delivering industry-leading returns,” said Mr Hathorn.
In a statement, Mr Williams and Mr Phaswana said: “We are delighted to have someone of Peter’s calibre and experience to succeed David as CEO. Peter has been with the group in various roles since joining in 1992, serving as an executive director and chief executive officer of the Europe & international division since January 2008.
“Peter is a proven leader with an intimate knowledge of the business, having been involved in the development of much of what comprises the group today.”
The manufacturer derives 70pc of its revenue from packaging, and has operations in Europe, North America, Russia and South Africa. It has been boosted by the growth of online shopping, and its shares have climbed more than 50pc in the last year.
In the UK it holds contracts with companies such as Unilever, while Mondi shares hit a record high last month following a bullish broker note on the paper and packaging sector.
By Sam Dean
Source: The Telegraph
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