Binnie has been promoted from his current position of chief financial officer of the South Africa-headquartered paper giant and will begin his new role on 1 July this year.

It follows the announcement last month that current chief executive Ralph Boëttger, who has held the position for nearly seven years, will step down on 30 June due to ill health.

Binnie joined Sappi, to take up the role of chief financial officer, in July 2012 when he moved from retail company Edcon where he had held the equivalent position since 2002.

A qualified chartered accountant who has spent time as group financial manger of Investec Bank, Binnie has also held senior management positions at Transunion ITC and New Zealand Milk Products in South Africa.

Sappi chairman, Danie Cronjé, said: “I would like to congratulate Steve on his appointment. The board believes that Steve has all the necessary skills and attributes to take Sappi forward and to deliver strong growth into the future.”

The company hopes to announce a successor for the role of chief financial officer before the end of June.