The paper and packaging group announced today (10 January) that he would step down at the end of March.

Oswald has worked at the business since 1992 in a number of senior roles. He was appointed CEO in February 2017 when David Hathorn retired.

Mondi did not give a reason for Oswald’s departure. The firm said it was beginning the process of searching for a successor.

The group’s share price slipped by 3% to £16.61 following the announcement.  (52-week high: £19.36, low: £14.84.)

In a statement, chairman David Williams thanked Oswald for his work at the business. He said: “Peter has made an immense contribution to the growth and development of Mondi since joining in 1992, most notably during his tenure as chief executive officer of the former Europe & International Division and subsequently as CEO. His drive to grow the business and his focus on ensuring Mondi’s long-term sustainable future have been invaluable to Mondi. The board thanks Peter for his contribution to the group and wishes him all the best for the future.”

Oswald commented: “It has been an honour to have worked for Mondi and I am extremely proud of what we have achieved together. While I am sad to be leaving, I know the group is in the hands of a strong board and an experienced senior management team that will ensure its continued success.”

Mondi had sale of €7.5bn (£6.4bn) in 2018. Oswald, who is based in Austria, had a base salary of just over €1m, received a bonus of €1.5m and had total remuneration of just under €4.4m including share options that vested under the group’s long-term incentive plan.

Mondi will announce its results for 2019 on 27 February.