(Alliance News) - Mondi PLC on Friday said Chief Executive Peter Oswald is to step down from the board and leave the company at the end of March.
Oswald was appointed as CEO in February 2017 following the departure of predecessor David Hathorn. He took up the role in May that year.
The Vienna, Austria-based packaging and paper company will now begin the process of searching for a successor to Oswald. In the meantime, Chief Financial Officer Andrew King has agreed to take on the role of interim CEO.
"Peter has made an immense contribution to the growth and development of Mondi since joining in 1992," said Chair David Williams. "His drive to grow the business and his focus on ensuring Mondi's long-term sustainable future have been invaluable to Mondi."
Mondi shares were trading 0.1% higher in Johannesburg on Friday at ZAR317.58 each. The stock market in London is not opened yet.
The announcement of Oswald's stepping down is the second FTSE 100 CEO departure unveiled so far in 2020. On Thursday, British Airways owner International Consolidated Airlines Group SA said Willie Walsh will be leaving in March after nine years in the role.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Mondi (MNDI)