Mondi PLC CEO Peter Oswald to step down

The chief executive of packaging group (), Peter Oswald, has said he will be stepping down from the firm at the end of March.

The FTSE 100 firm’s finance boss, Andrew King, will take over as interim CEO until a successor is appointed.

READ: Mondi falls as quarterly profits drop 18% as prices soften

“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”, said Mondi chairman David Williams.

“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”, he added.

Oswald’s departure will be on something of a mixed note following a glum trading update in October that saw Mondi’s third quarter profits drop 18% year on year to €383mln as a result of softer prices and lower demand.