Philip Yea has joined as a non-executive director of the packaging group with effect from 1 April 2020 and chair with effect from the conclusion of the firm’s annual general meeting, which is scheduled for 7 May 2020.

He was a managing director at Investcorp from 1999 to 2004 and was appointed to Polestar’s board as a non-executive director in 2002. Investcorp was Polestar’s major shareholder at this time.

At Mondi Yea will replace David Williams who, as announced in March 2019, will retire. Williams will step down from Mondi’s board at the conclusion of the AGM.

Mondi senior independent director Stephen Harris said: “I would like to take the opportunity, on behalf of the Mondi board, to thank David for his immense contribution to Mondi since its listing in 2007.

“David’s significant business experience, his invaluable guidance and his leadership during this period have been vital to the group’s development and we are extremely grateful to him. We wish David all the best for the future.

“We are delighted that Philip will be joining us. He has extensive listed company experience, both as an executive and non-executive director, across a range of sectors.

“His broad industry background and knowledge of operating within large, international corporates will bring valuable insight to the board. Philip also has significant leadership experience which will be key to the future growth and development of Mondi.”

Yea will be a member of the nominations and remuneration committees with effect from his appointment to Mondi’s board and will chair the nominations committee with effect from his appointment as chair of the board.

Yea graduated with an MA in Modern Languages from Oxford University and is a fellow of the Chartered Institute of Management Accountants. He started his career as a graduate trainee at Perkins Engines before holding a range of finance roles at companies including Mars and Guinness, becoming group finance director of Diageo on its creation in 1997.

He left Investcorp in 2004 to become chief executive of 3i Group, a role he held until 2009. He has also held a number of other non-executive roles, including senior independent director at Vodafone Group and Computacenter, chair at Greene King and Bwin Party Digital Entertainment and non-executive director at Rocket Internet.

Yea is currently chair of Equiniti Group and a non-executive director at Aberdeen Standard Asia Focus and Marshalls of Cambridge.

Last month Mondi revealed that it will promote its group chief financial officer Andrew King to group chief executive on 1 April. He will succeed Peter Oswald, who will be leaving the company on 31 March to join Mayr-Melnhof Karton as its new chairman and chief executive.

Mondi is set to bring an end to its UK manufacturing with the planned closure of its two remaining UK production plants, putting 208 jobs at risk.

The firm’s share price was up by 3.33% to £13.20 in early trading.