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Packaging and paper group Mondi [JSE:MNP] has appointed Andrew King, currently the group's CFO, as its new chief executive officer. King's tenure as CEO will start on April 1.
He will replace Peter Oswald, who in mid-January announced he would be stepping down as CEO and leaving the LSE and JSE-listed company at the end of March.
"We have a clear strategic focus, robust business model and many talented and dedicated people. At Mondi’s core is our purpose of contributing to a better world by making innovative, sustainable packaging and paper solutions, with a strategy aimed at creating long-term value for the benefit of all our stakeholders," said King in a statement. “I look forward to working with the Board and the wider leadership team to continue the successful development of the Group.
Mondi Chairperson David Williams said in a statement that King has 17 years of experience at Mondi in various capacities."He has been instrumental in defining the Group’s strategic direction since listing and I am confident he will bring significant insight and leadership to the role of CEO."
The company is in the process of finding the new CFO.
As Fin24 previously reported Oswald is stepping down as the company goes through a rough patch. In October, it warned that demand in the third quarter of 2019 remained “softer” across the markets it operates in, and prices for certain paper grades had declined. As a result, its underlying earnings before interest, tax, depreciation and amortisation (EBITDA) for the third quarter of 2019 had fallen by 18%.
But the company had performed satisfactorily in its interim results for 2019, with EBITDA up 5% on the and operating profit jumping 28%, thanks to higher average selling prices in the first half of the year.
- Londiwe Buthelezi contributed to this report
