King will step up to the top role on 1 April, succeeding Peter Oswald who will be leaving Mondi on 31 March to join Mayr-Melnhof Karton as its new chairman and chief executive.

Mondi chair David Williams said: “I am delighted that someone of Andrew’s calibre has agreed to succeed Peter as CEO. This appointment follows a formal review process, assessing both internal and external candidates, which convinced the board that he is the right person to lead the group.

“During his time with Mondi, Andrew has consistently demonstrated considered and effective leadership. Andrew’s 17 years’ experience with Mondi in various strategy, business development and finance leadership roles will benefit the group enormously.

“He has been instrumental in defining the group’s strategic direction since listing and I am confident he will bring significant insight and leadership to the role of CEO.”

King added: “I am excited to accept the role as CEO of Mondi. We have a clear strategic focus, robust business model and many talented and dedicated people.

“At Mondi’s core is our purpose of contributing to a better world by making innovative, sustainable packaging and paper solutions, with a strategy aimed at creating long-term value for the benefit of all our stakeholders.

“I look forward to working with the board and the wider leadership team to continue the successful development of the group.”

A formal process to recruit King’s successor as chief financial officer will commence immediately and will include external and internal candidates.

King graduated in commerce from the University of Cape Town and is a chartered accountant.

Mondi, which had sales of €7.5bn (£6.24bn) in 2018, will announce its results for 2019 on 27 February. Its share price fell by 1.6% to £16.40 following the announcement yesterday, but has since recovered to £16.67 at the time of writing.

The group 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.