Making the announcement Dryden, who has recently overseen DS Smith’s protracted £1.3bn acquisition of SCA Packaging, said: "This was a difficult decision as I am proud of DS Smith's achievements and confident that I leave the company in good shape and well positioned to continue to grow, having undertaken a smooth transition to my successor."
Dryden, who joined DS Smith in April 2008, will serve a 12-month notice period before taking up a new position in a private equity-backed business, more details of which have not been divulged.
DS Smith launched a reverse takeover bid for Swedish firm SCA packaging, Europe’s second largest packaging firm, in January 2012. As a condition of the deal the UK firm sold three of its production plants across the UK and France before the proposals were approved by competition regulators in May.
In December 2012 the Berkshire-based group reported a 62% increase in H1 profits as a result of the acquisition, reporting that the integration was proceeding smoothly. However, later the same month the board was forced to respond to claims that it was in dispute with SCA Packaging over the final price it had agreed to pay for the firm, telling investors that the process to finalise the completion accounts was continuing.
DS Smith’s board of directors has begun a recruitment process for a successor to the post of group finance director, while Dryden focuses on concluding the integration of SCA Packaging into the UK-based packaging group.
DS Smith chairman Gareth Davies said: "Steve has done an excellent job for DS Smith over the last five years. He has been instrumental in significantly re-shaping the group in line with our strategic aim to become the leader in recycled packaging for consumer goods."
Chief executive Miles Roberts added: "Steve has made a significant contribution to DS Smith. I have enjoyed working with him and wish him well in his new choice of career."
