A process to determine a successor for Marsh is now underway and he will work with chief executive Miles Roberts and the board to ensure an orderly transition.

The London-headquartered packaging giant said Marsh’s contract requires him to give 12 months’ notice and that his departure date will be determined “in due course”.

Roberts said: “Adrian has been a committed, professional and loyal DS Smith colleague. I have greatly enjoyed working with him on both a professional and personal level for the last seven years. He will leave with our gratitude for his contribution to the group and our very best wishes in his new venture.”

Marsh added: “I have thoroughly enjoyed every minute I have spent with DS Smith and it has been a privilege and an honour to support Miles and all of my colleagues in building the leading supplier of sustainable packaging solutions. DS Smith is a remarkable company with an exceptional purpose and a talented leadership team.”

William Hill said Marsh will join the company and be appointed as an executive director to its board at a to-be-announced date later this year. He will replace Ruth Prior, who is leaving the company to join Element Materials Technology.

William Hill chief executive Ulrik Bengtsson said: “I am delighted to welcome Adrian to the board. As a proven CFO of a FTSE-listed company with M&A, deal execution and multi-sector finance experience in US & European markets, he will be able to make a significant contribution to William Hill in the enablement of the strategy and is a great addition to the team.”

DS Smith reported record group profitability and return on sales “despite economic headwinds” in its half-year results released in December.

The company’s share price fell by nearly 2% in early trading to 359.8p and stood at 360.8p at the time of writing (52-week high: 397.8p, low: 306.3p).