Mondi appoints Andrew King as new CEO

Paper and packaging group Mondi said on Tuesday it had appointed its CFO, Andrew King, as CEO with effect from April.

King replaces Peter Oswald, who took over the reins in May 2017. The appointment comes as the company executes big projects in Slovakia and Russia as part of its capital expenditure project pipeline. The group is grappling with lower volumes in certain segments and higher costs that are weighing on profits.

King has spent 17 years at Mondi in various strategy, business development and finance roles, the group said on Tuesday. “He has been instrumental in defining the group’s strategic direction since listing and I am confident he will bring significant insight and leadership to the role of CEO,” said Mondi chair David Williams in a statement.The group’s share price was up 0.68% to R421.85 in morning trade on Tuesday, having risen about 7.87% over the past three years.

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