South Africa’s Mondi picked insider Peter Oswald as its next chief executive on Wednesday, giving him the challenge of growing its packaging business to offset slowing growth demand for paper.
Oswald, a 26-year Mondi veteran who heads its European and international unit, will replace David Hathorn, who is retiring after nearly three decades with the company.
Shares in Mondi, which is also listed in London, were little changed at 296.41 rand as of 0922 GMT, lagging behind a 0.6 percent gain on the JSE All-share index.
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