Following on the nomination of Gunnar Eberhardt as CEO and Stephen Blyth as CFO, Sappi and UPM have selected nominees for additional management team roles of their proposed graphic paper Joint Venture. All nominations are conditional on the receipt of all regulatory approvals and the successful completion of the transaction.
In accordance with the Joint Venture's Shareholders’ Agreement, which outlines a balanced leadership structure, the following individuals have been nominated to the following management team positions:
Senior Vice President, Sales and Marketing: Marco Eikelenboom
Responsible for Sales and Marketing.
(currently CEO of Sappi Europe) Prior to his appointment as CEO in 2021 he served as VP for Marketing and Sales, Graphic Papers from 2009. He has also served in various sales and marketing leadership roles across Europe and in South Africa.
Senior Vice President, Human Resources: Jan Gustafsson
Responsible for HR, Strategy, Communications, Sustainability, and Legal.
(currently VP Human Resources for UPM Communication Papers). Mr Gustafsson brings extensive senior HR and cross-functional leadership experience across industrial companies.
Senior Vice President, Operations: Antti Hermonen
Responsible for Operations, R&D, Energy, and Sourcing.
(currently SVP Operations for UPM Communication Papers). Mr Hermonen offers over 30 years of international experience spanning mill operations, major transformation programmes, and labour negotiations.
Senior Vice President, Supply Chain: Jan Sander van Tuijl
Responsible for Supply Chain.
(currently VP of Supply Chain & Procurement for Sappi Europe). Prior to his appointment in 2021 he was Director of Indirect Procurement. Having joined in 2001, he advanced through key supply chain, procurement and operations roles, including experience in mill conversion projects.
The proposed Joint Venture, announced in 2025 with definitive agreements signed in May 2026, would unite 12 mills and 19 paper machines.
Commenting on the nominations, Sappi Limited CEO Steve Binnie and UPM President and CEO Massimo Reynaudo issued a joint statement:
We are pleased to nominate these four individuals to join Gunnar and Stephen. Their collective experience, proven ability to lead through change and strong understanding of the industry will be instrumental in building a resilient and competitive business that delivers long-term value for customers, employees and shareholders.
The transaction remains subject to merger control approvals by the European Commission and authorities in other jurisdictions. Final resolutions are expected by the end of 2026.
Until the transaction closes, UPM and Sappi will continue to operate their respective businesses entirely independently, with the current leadership continuing in their existing roles to ensure strong ongoing performance.
Further information on the proposed Joint Venture can be found on:
About Sappi
Sappi uses renewable resources to make woodfibre based products. We are a diversified, innovative and trusted leader focused on sustainable processes and products, and are building a circular economy that benefits the world.
Our packaging papers, graphic papers, pulp and biomaterials are manufactured from woodfibre sourced from sustainably managed forests, in production facilities which, in many cases use internally generated bioenergy. Many of our operations are self-sufficient.
We have manufacturing operations on three continents and sell our products in more than 150 countries. Our global presence allows us to optimise for different markets, while sharing best practices and the latest technological achievements.
Together with our partners, we work to build a thriving world by acting boldly to support the planet, people and prosperity.
www.sappi.com
For further information
André F Oberholzer
Group Head Corporate Affairs
Sappi Limited
Tel +27 (0)11 407 8044
Mobile +27 (0)83 235 2973
Andre.Oberholzer@sappi.com
Tracy Wessels
Group Head Investor Relations and Sustainability
Sappi Limited
Tel +27 (0)11 407 8391
Mobile +27 (0)83 666 6589
Tracy.wessels@sappi.com
Kirsty Hector
Regional Communication Manager
Sappi Europe
Tel + 32 (0) 2 676 97 00
Mobile + 32 (0) 496 390 889
Kirsty.hector@sappi.com