Sappi and UPM have selected nominees for the CEO and CFO 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:
Chief Executive Officer: Gunnar Eberhardt
Gunnar Eberhardt has successfully led the UPM Communication Papers business as Executive Vice President since October 2024. Prior to joining UPM, he was Corporate Vice President, Adhesives Automotive OEM Business at Henkel AG & Co. KGaA since April 2022. Earlier in his career, he held several sales, marketing, business unit and region head roles at Henkel and Osram since 2000. He has a Diploma in Industrial Engineering and an Executive Master’s degree in Innovation & Technology Management.
Chief Financial Officer: Stephen Blyth
Stephen Blyth was appointed as CFO of Sappi Europe SA in July 2014. Prior to this he was the Deputy Group Treasurer for Sappi International in Brussels since 2010. Having served for nine years with KPMG he joined Sappi Limited in 2005 in Johannesburg in tax and financial management roles. He has significant funding and refinancing transactions experience along with experience from the integration of the M-Real acquisition. He holds a Bachelor of Commerce (Honours) degree and is a qualified Chartered Accountant.
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 CEO Steve Binnie and UPM President and CEO Massimo Reynaudo issued a joint statement:
We are pleased to nominate Gunnar and Stephen. Their proven track record, extensive leadership experience and complementary backgrounds are a perfect fit for the proposed Joint Venture, which is intended as a decisive response to the structural challenges of the European graphic paper industry and customers’ need for supply security.
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: