Smurfit Kappa has postponed the exit of chairman Irial Finan as it seeks continuity at a time when it is planning a takeover of US rival WestRock. Photograph: Luke MacGregor/Bloomberg
Mr Finan has been a director of Smurfit Kappa for the past 12 years. The UK Corporate Governance Code, recognised by Euronext Dublin as a standard for good governance, says non-executive directors should serve no longer than nine years. However, the cardboard box maker said in its latest annual report that it has postponed the succession process as “continuity of the chair position during this time of significant change for the company was critical”.
Industry consolidation is gathering pace. US packaging giant International Paper , which mounted an unwanted Smurfit Kappa bid in 2018 that was ultimately abandoned, is reportedly closing in on a £5.72 billion formal offer this week for UK-based DS Smith.
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