David Hathorn will step down as CEO of packaging and paper group Mondi on May 11.
He will be succeeded by Peter Oswald, who is currently CEO of Mondi’s Europe & International division.
To ensure a smooth transition, Hathorn and Oswald will work together until Hathorn stands down as group CEO at the conclusion of the group’s annual general meeting in May. He will, thereafter, continue to work in an executive capacity until his retirement in February 2018.
“David has made an immense contribution to the growth and development of Mondi. He 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 in 2007,” commented joint chairpersons David Williams and Fred Phaswana.
They pointed out that, since Mondi’s listing in 2007, the group’s market capitalisation had 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,” they added.
They further noted that Oswald was a proven leader with an intimate knowledge of the business.
“We are confident that Peter will offer strong continuity, while bringing his own dynamism to the role.”
Oswald, who will be based in Vienna, graduated in law from the University of Vienna and in business administration from WU-Vienna Business School.
He 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.