Sappi Names Binnie New CFO-Designate

Sappi Ltd., Johannesburg, South Africa, this week announced that Mark Thompson, its current CFO, will retire in August, and that Steve Binnie, currently CFO of Edcon (Pty) Ltd, will join Sappi as CFO-designate on July 9. He will become CFO and join the Sappi board as an executive director on September 1.

Binnie has been CFO of Edcon since 2002. Prior to joining Edcon, he was group financial manager at Investec Bank and held senior management positions at Transunion ITC and New Zealand Milk Products (SA). He is a chartered accountant and holds an MBA from Heriot-Watt University, Edinburgh, Scotland.

Sappi CEO Ralph Boettger said that "I am pleased that we have dealt with the succession of Mark Thompson as CFO in such a timely manner. Mark has done a sterling job since his appointment in 2006 as CFO and prior to that as Sappi's legal counsel. I am confident that in Steve Binnie we have found a capable and well experienced CFO who will ensure a smooth succession and contribute substantially to the realization of Sappi's growth and profitability strategy."

TAPPI
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