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
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?