The South African-based paper group Mondi has agreed with Peter Oswald, the group's CEO, that he will step down as CEO and member of the Mondi Board of Directors on 31 March 2020. Peter Oswald has been in this position since May 2017.
No reasons were given for this decision by the packaging and paper manufacturer. However, it should be noted that earnings before interest, taxes, depreciation and amortization (EBITDA) in the third quarter of 2019 (as of September 30, 2019) amounted to 383 million euros, down 18 percent compared to the same period last year and 9 percent lower than in the second quarter of 2019.
David Williams, chairman of the group, said in a statement: "Peter has made an immense contribution to the growth and development of Mondi since his arrival in 1992, particularly during his tenure as CEO of the former Europe & International division and then as CEO. His commitment to the growth of the company and his concern to ensure a long-term sustainable future for Mondi have been invaluable to Mondi"
Peter Oswald thought "sad to leave", but believes that "the group is in the hands of a strong Board of Directors and an experienced management team that will ensure its success".
The process of finding a successor has now begun. And it is Andrew King, the Group's Chief Financial Officer (CFO), who will take over the role of interim CEO after Peter Oswald's resignation until a new leader is appointed.
In 2018, Mondi, listed on the London Stock Exchange, had a turnover of 7.48 billion euros and EBITDA of 1.76 billion euros.
