DS Smith extends chair Gareth Davis' term to January 2021

At that point, Davis - who originally joined the board as a non-executive director back in June 2010 - will have served as chair for nine years and will be expected to retire from the board.

Changes to the corporate governance code that kicked in earlier this year mean that company chairs are now required to step down after nine years.

"Given the recently announced changes to the composition of the board, with Jonathan Nicholls to retire as senior independent director and audit chair after the company's AGM in September 2019 and Rupert Soames and David Robbie respectively taking on those roles, the board are pleased that Gareth will remain in post through to the end of his nine years as chairman," the company said. "His presence will provide continuity through a period of structured change for the board."

Davis said: "I have thoroughly enjoyed my time on the board and look forward to continuing to contribute to the development of the company through its next exciting chapter."

At 1605 BST, the shares were down 2.7% at 314.80p.