Mondi finance chief Andrew King named as next CEO

Mondi's finance chief Andrew King will be the paper and packaging company's next chief executive after current boss Peter Oswald steps down.

The FTSE 100 company said King would take over on 1 April. King has worked at Mondi for 17 years and has been acting CEO since Oswald's departure was announced in January.

King, who is South African and worked at Mondi's former parent Anglo American, has carried out various strategy and finance roles at the company and became CFO in 2008 when he joined the board.

Mondi's chairman, David Williams, said: "I am delighted that someone of Andrew’s calibre has agreed to succeed Peter as CEO. This appointment follows a formal review process, assessing both internal and external candidates, which convinced the board that he is the right person to lead the group.

"During his time with Mondi, Andrew has consistently demonstrated considered and effective leadership. He has been instrumental in defining the group’s strategic direction since listing and I am confident he will bring significant insight and leadership to the role of CEO."

Mondi said it would start looking for a new CFO to replace King immediately and that it would consider internal and external candidates.