Mondi seeks new chair as Phashwana and Williams announce retirements

Mondi is looking for a new chairman after the paper and packaging company’s joint chairs announced plans to retire.

Fred Phaswana will stand for re-election at the FTSE 100 company’s annual meeting in May but will step down once a planned corporate restructuring is completed in the second half of 2019. He has been joint chair for six years.

David Williams, the company’s other joint chair, intends to retire in early 2020 after more than nine years in the job.

Mondi is listed in London and Johannesburg and has two boards. In November it announced plans to combine its dual listing into a single holding company under Mondi plc.

"The boards, led by Stephen Harris, senior independent director, will now initiate the search for a new chair. Further details will be announced in due course,” the company said.

Mondi shares were up 1.1% to £17.68.5 in London at 12:02 UK time.