Boëttger, who has held the position for almost seven years, has been diagnosed with a serious illness, leading to his decision to step down.

Boëttger said: “I deeply regret having to make this decision at this time as I am convinced that Sappi stands on the cusp of a period of strong performance and exciting growth. However, I believe that spending my time with my family has become the priority and that it is in the best interest of the company and of my family for me to step down as announced.”

Sappi chairman, Danie Cronjé, said: “I personally, and on behalf of the board and everyone at Sappi, express our heartfelt thanks to Ralph for the sterling work he has done in leading Sappi through a particularly challenging period in the company’s proud history. Under Ralph’s leadership, the group has been transformed.

"A clear strategy and sound action plans are in place; the major projects to re-position the group have been successfully completed and are operational, leaving the company in a position for growth into the future.”

Boëttger added: “I would like to thank Dr Cronjé, the board of Sappi and every single employee for their support and dedication in re-positioning Sappi for a great future.”