Smurfit lines up son to succeed

Jefferson Smurfit chairman Michael Smurfit has earmarked his son Tony as a successor to current chief executive Gary McGann, amid talk that the paper and packaging manufacturing group could return to the stock market.

According to reports, Smurfit, who made around 160m from the 2.1bn

sale of the business to Chicago-based private equity firm Madison Dearborn Partners in the summer of 2002, said the new owners had retained his services to lead a new initial public offering when the time was right.

Smurfit still owns 7.3% of the group. If the company were to float again, Smurfit has backed Tony, the firms chief operating officer, as a suitable replacement for McGann.

As PrintWeek went to press McGann was unavailable for comment.

Story by Andy Scott