The listed paper and packaging group has not given reasons for Peter Oswald’s departure
Picture: MONDIPeter Oswald, who took over the reins in May 2017, leaves while the company is executing big projects in Slovakia and Russia as part of its capital expenditure project pipeline.
Mondi manufactures and sells packaging and paper products. It had 102 production sites in more than 30 countries at the end of the 2018 financial year. Sappi, the other JSE-listed paper and packaging company, has previously alluded to weak demand for graphic paper. Oswald, a former head of Mondi’s European and international unit, replaced another Mondi veteran, David Hathorn, who spearheaded the company’s international expansion after it split from Anglo American in 2007.Ratings agency Moody’s Investor Service has assigned Mondi a Baa1 credit rating which it said in 2019 reflected the diversified nature of the business and its market leading positions in most paper and packaging grades.
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