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FTSE 100 paper and packaging company Mondi has appointed Peter Oswald as group chief executive, succeeding David Hathorn, who is retiring.

Mr Oswald, who has been with the company since 1992 is currently head of its Europe and International division. He will work with Mr Hathorn for the next three months, taking up his new position on May 11 at the annual general meeting.

A statement from Mondi’s joint chairmen said Mr Oswald will “offer strong continuity, while bringing his own dynamism to the role.”

Mr Oswald said he would continue the successful development of the business which he said had “a clear and consistent strategic focus, robust business model, world class assets, rigorous and disciplined approach to capital allocation, and strong financial position”.

The Johannesburg and London-listed manufacturer has operations in Europe, North America, Russia and South Africa with 70 per cent of revenues derived from packaging.

With newsprint and coated papers facing overcapacity and digitally induced decline, packaging has been the main growth area for the industry, benefiting from the trend to online shopping. Deliveries by online retailers such as Amazon rely on specially corrugated cardboard which Mondi and London-listed rivals DS Smith and Smurfit Kappa manufacture.

Mondi shares have risen more than 50 per cent in the past year.

Copyright The Financial Times Limited 2017. All rights reserved.
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