Mondi begins search for new CEO

Mondi chief executive Peter Oswald is leaving the business in what is viewed as a surprise move.

Oswald: long career at Mondi
Oswald: long career at Mondi

The paper and packaging group announced today (10 January) that he would step down at the end of March.

Oswald has worked at the business since 1992 in a number of senior roles. He was appointed CEO in February 2017 when David Hathorn retired.

Mondi did not give a reason for Oswald’s departure. The firm said it was beginning the process of searching for a successor.

The group’s share price slipped by 3% to £16.61 following the announcement.  (52-week high: £19.36, low: £14.84.)

In a statement, chairman David Williams thanked Oswald for his work at the business. He said: “Peter has made an immense contribution to the growth and development of Mondi since joining in 1992, most notably during his tenure as chief executive officer of the former Europe & International Division and subsequently as CEO. His drive to grow the business and his focus on ensuring Mondi’s long-term sustainable future have been invaluable to Mondi. The board thanks Peter for his contribution to the group and wishes him all the best for the future.”

Oswald commented: “It has been an honour to have worked for Mondi and I am extremely proud of what we have achieved together. While I am sad to be leaving, I know the group is in the hands of a strong board and an experienced senior management team that will ensure its continued success.”

Mondi had sale of €7.5bn (£6.4bn) in 2018. Oswald, who is based in Austria, had a base salary of just over €1m, received a bonus of €1.5m and had total remuneration of just under €4.4m including share options that vested under the group’s long-term incentive plan.

Mondi will announce its results for 2019 on 27 February.


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