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(Alliance News) - Mondi PLC on Tuesday said it has hired Mike Powell as chief financial officer, but stopped short of providing a start date.
The paper and packaging firm said he will be succeeding Andrew King, who was promoted to Mondi chief executive in April.
Powell is currently chief financial officer at fellow FTSE 100 constituent Ferguson PLC. The plumbing and heating products distributor said the search for Powell's successor has commenced.
"I would like to add my thanks to Mike for his hard work, commitment and the strong results that he has delivered during his time at Ferguson. He has also played a critical role in the company's transformation over the last several years to focus the business on its attractive North American markets, and we wish him all the very best. We will continue to work closely with Mike in the months ahead to ensure a smooth transition to the new CFO," said Ferguson Chief Executive Kevin Murphy.
Ferguson said the new CFO will be based at its US headquarters in Newport News, Virginia. Ferguson is in the process of de-merging its UK business, Wolseley, this year, and will seek an additional listing of the remaining company in the US.
Powell was previously finance director at aviation services company BBA Aviation PLC. From 2016 until this month, he was a non-executive director of building materials company Low & Bonar PLC.
"We are delighted that Mike will be joining the Mondi team. He has significant financial and strategic experience having been chief financial officer and an executive director of a number of large international listed companies. We are confident that Mike's clear operational focus, strong leadership experience and knowledge of operating in large industrial groups across a variety of geographies will be instrumental in driving forward Mondi's strategy," said Mondi CEO King.
Shares in Mondi were up 2.8% at 1,446.00 pence on Tuesday morning in London, while its Johannesburg shares were marginally lower at ZAR307.50. Ferguson stock was trading 2.8% higher at 6,384.00 pence in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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