Wrap Text
David Hathorn to retire and Peter Oswald to be appointed as Group Chief Executive Officer
Mondi Limited
Incorporated in the Republic of South Africa
Registration number: 1967/013038/06
JSE share code: MND ISIN: ZAE000156550
Mondi plc
Incorporated in England and Wales
Registered number: 6209386
LEI: 213800LOZA69QFDC9N34
JSE share code: MNP ISIN: GB00B1CRLC47
LSE share code: MNDI
As part of the dual listed company structure, Mondi Limited and Mondi plc (together “Mondi
Group” or “Mondi”) notify both the JSE Limited and the London Stock Exchange of matters
required to be disclosed under the Listings Requirements of the JSE Limited and/or the
Disclosure Guidance and Transparency Rules and the Listing Rules of the United Kingdom
Listing Authority. This announcement contains inside information and falls within the ‘inside
information’ classification pursuant to the requirements in Articles 7 and 9 of the regulatory
technical standards of the Transparency Directive (2004/109/EC).
David Hathorn to retire and Peter Oswald to be appointed as Group Chief Executive
Officer
Mondi Group (“Mondi” or “the Group”) announces that David Hathorn, Group Chief Executive
Officer, has informed the Boards of his decision to retire. Peter Oswald, currently an Executive
Director and Chief Executive Officer of the Europe & International Division, will succeed David
as Group Chief Executive Officer.
In order to ensure a smooth transition, David and Peter will work together over the next three
months and David will stand down as Group Chief Executive Officer and as a director of Mondi
plc and Mondi Limited at the conclusion of the Annual General Meetings on 11 May 2017, at
which time Peter will assume the full responsibility as the Group Chief Executive Officer.
Thereafter David will support Peter as required and continue to work in an executive capacity
until his retirement in February 2018.
The joint chairmen, David Williams and Fred Phaswana, commented:
“David has made an immense contribution to the growth and development of Mondi. David
joined the Group in 1991, and has served as CEO since 2000. He was instrumental in the
Group’s international expansion and the development of the high-quality asset base that forms
the foundation of the Group today. He has led Mondi through major change in this period, most
notably in the establishment of Mondi as an independently listed Group through the demerger
from Anglo American plc in 2007. Since listing in 2007 the market capitalisation of the Group
has more than quadrupled, with a compound annual return to shareholders of over 18%. The
Boards are extremely grateful to David for his contribution to the Group over the past 26 years
of service and wish him all the best in his retirement.
We are delighted to have someone of Peter’s calibre and experience to succeed David as
CEO. Peter has been with the Group in various roles since joining in 1992, serving as an
Executive Director and Chief Executive Officer of the Europe & International Division since
January 2008. Peter is a proven leader with an intimate knowledge of the business, having
been involved in the development of much of what comprises the Group today. We are
confident that Peter will offer strong continuity, while bringing his own dynamism to the role.
We look forward to David and Peter working together to ensure a smooth transition of
leadership.”
Commenting on his appointment, Peter Oswald said:
“I am honoured to accept the appointment and look forward to working with the Boards and
the rest of our team in continuing the successful development of the business. With our clear
and consistent strategic focus, robust business model, world class assets, rigorous and
disciplined approach to capital allocation, and strong financial position, we are well equipped
to serve our growing customer base and deliver the ongoing success of the Group for the
benefit of all stakeholders.”
David Hathorn, Group Chief Executive Officer, added:
“It has been a great privilege to have worked for the Mondi Group over the past 26 years, being
involved in its development from a regional business to a truly international group delivering
industry leading returns. It gives me great confidence in the future success of the business to
be able to hand over to Peter, who has been alongside me for much of this journey. I wish
Peter and the team all the very best.”
Notes:
Peter Oswald graduated in law from the University of Vienna and in business administration
from WU-Vienna Business School.
Peter has over 25 years’ experience in the packaging and paper sector with detailed
knowledge of operations and extensive experience of the acquisition, disposal, restructuring,
turnaround and organic growth of businesses. He began his career with Deutsche Bank and
automotive company KTM. He joined the Frantschach Group in 1992 as the head of internal
audit, later becoming corporate controller.
After serving as chief executive of the bag and flexibles business from 1995 to 2001, he was
appointed chief executive of Mondi Packaging Europe in 2002, leading its subsequent
integration with Frantschach into the new Mondi packaging division. Having held a number of
senior executive roles within Mondi, Peter was appointed chief executive officer of the Europe
& International Division in January 2008. He was a non-executive director of Telekom Austria
AG between 2008 and 2014 and of MIBA AG between 2014 and 2015 and chairman of the
supervisory board of OMV AG between 2015 and 2016. Peter is currently serving as Chairman
of the Confederation of European Paper Industries (CEPI). In 2013, Peter was named
European and Global CEO of the year by RISI, a leading information provider for the global
forest products industry. Peter will continue to be based in Vienna.
The remuneration details relating to David Hathorn required to be made available pursuant to
section 430(2B) of the UK Companies Act 2006 will be made available on our website
(www.mondigroup.com) as soon as reasonably practicable.
All other regulatory approvals pursuant to these changes have been obtained.
Contact:
Mondi Group
Andrew King
Group CFO
Tel: +27 (0)11 994 5415
E-mail: andrew.king@mondigroup.com
We are Mondi: In touch every day
At Mondi, our products protect and preserve the things that matter.
Mondi is an international packaging and paper Group, employing around 25,000 people across
more than 30 countries. Our key operations are located in central Europe, Russia, North
America and South Africa. We offer over 100 packaging and paper products, customised into
more than 100,000 different solutions for customers, end consumers and industrial end uses -
touching the lives of millions of people every day. In 2015, Mondi had revenues of €6.8 billion
and a return on capital employed of 20.5%.
The Mondi Group is fully integrated across the packaging and paper value chain - from
managing forests and producing pulp, paper and compound plastics, to developing effective
and innovative industrial and consumer packaging solutions. Our innovative technologies and
products can be found in a variety of applications including hygiene components, stand-up
pouches, super-strong cement bags, clever retail boxes and office paper. Our key customers
are in industries such as automotive; building and construction; chemicals; food and beverage;
home and personal care; medical and pharmaceutical; packaging and paper converting; pet
care; and office and professional printing.
Mondi has a dual listed company structure, with a primary listing on the JSE Limited for Mondi
Limited under the ticker code MND and a premium listing on the London Stock Exchange for
Mondi plc, under the ticker code MNDI.
For us, acting sustainably makes good business sense and is part of the way we work every
day. We have been included in the FTSE4Good Index Series since 2008 and the JSE's Socially
Responsible Investment (SRI) Index since 2007.
1 February 2017
Sponsor in South Africa: UBS South Africa (Pty) Ltd
Date: 01/02/2017 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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