LONDON -- Mondi PLC MNDI Wednesday said Peter Oswald will replace David Hathorn as group chief executive officer in May.

The international packaging and paper group said Mr. Hathorn will stand down as group CEO and as a director of Mondi PLC and Mondi Ltd., at the conclusion of the annual general meetings on May 11, at which time Mr. Oswald will assume the full responsibility as the group's CEO.

Mr. Hathorn will continue to work in an executive capacity until his retirement in February 2018.

Mr. Oswald is currently the CEO and executive director of Mondi's Europe & International Division.

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