Mondi Group, South Africa, this week announced that David Hathorn, Group CEO, has informed the company’s boards of his decision to retire. Peter Oswald, currently an executive director and CEO of the Europe & International Division, will succeed Hathorn as Group CEO.

To ensure a smooth transition, Hathorn and Oswald will work together over the next three months, and Hathorn will stand down as Group CEO and as a director of Mondi plc and Mondi Ltd. at the conclusion of the Annual General Meetings on May 11, 2017, at which time Oswald will assume the full responsibility as Group CEO. Thereafter Hathorn will support Oswald as required and continue to work in an executive capacity until his retirement in February 2018.

The joint chairmen, David Williams and Fred Phaswana, stated that "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 capitalization of the Group has more than quadrupled, with a compound annual return to shareholders of more than 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 caliber and experience to succeed David as CEO," Williams and Phaswana continued." Peter has been with the Group in various roles since joining in 1992, serving as an executive director and CEO 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."

Oswald said that "I am honored 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."

Hathorn added that "It has been a great privilege to have worked for the Mondi Group during 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."