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UPM and Sappi have nominated members of its senior staff as the chief executive officer and chief financial officer of its new Joint Venture, conditional on receipt of all regulatory approvals
Paper manufacturers, UPM and Sappi, have conditionally selected nominees for senior leadership roles within their planned graphic paper Joint Venture.
The Joint Venture, which was launched in response to demand and cost issues within the paper market, would see UPM Communication Papers and Sappi’s graphic paper business combine with a 50/50 agreement. The Joint Venture will operate as an independent company, managing its own operations, resources, and decisions within agreed shareholder boundaries.
In May, UPM confirmed that it had signed a definitive agreement to form the Joint Venture with Sappi regarding distribution of graphic paper throughout Europe.
Gunnar Eberhardt has now been nominated as chief executive officer of the new venture, with Stephen Blyth nominated as chief financial officer. The nominations are conditional on receipt of all regulatory approvals and completion of the transaction.
Eberhardt has led the UPM Communication Papers business as executive vice president since October 2024. Prior to joining UPM, he was corporate vice president of the Adhesives Automotive OEM Business at Henkel AG & Co.
Blyth was appointed as chief financial officer of Sappi Europe in July 2014. Prior to this he was the deputy group treasurer for Sappi International in Brussels since 2010.
UPM president and chief executive officer, Massimo Reynaudo, and Sappi chief executive officer, Steve Binnie, released a shared statement saying: “We are pleased to nominate Gunnar and Stephen.
“Their proven track record, extensive leadership experience, and complementary backgrounds are a perfect fit for the planned Joint Venture, which is intended as a decisive response to the structural challenges of the European graphic paper industry and customers’ need for supply security.”
The transaction for the Joint Venture requires merger control approval by the European Commission and authorities in other jurisdictions, with final resolutions expected by the end of 2026. The Joint Venture would become operational upon closing.
The review of the Joint Venture proceeded to Phase II of EU merger control in April 2026, with UPM continuing to engage openly and constructively with the European Commission during the second part of the process.
Until closing, UPM and Sappi continue to operate their respective businesses independently, with the current leadership continuing in their current roles.
