UPM and Sappi Select Management Nominees for Planned Graphic Paper Joint Venture

UPM and Sappi have conditionally selected nominees for the roles of Chief Executive Officer and Chief Financial Officer of the planned graphic paper Joint Venture.

Gunnar Eberhardt has been nominated as Chief Executive Officer of the Joint Venture. Stephen Blyth has been nominated as Chief Financial Officer of the Joint Venture. The nominations are conditional on receipt of all regulatory approvals and completion of the transaction.

Gunnar Eberhardt has successfully led the UPM Communication Papers business as Executive Vice President since October 2024. Prior to joining UPM, he was Corporate Vice President, Adhesives Automotive OEM Business at Henkel AG & Co. KGaA since April 2022. Earlier in his career, he held several sales, marketing, business unit and region head roles at Henkel and Osram since 2000. He has a Diploma in Industrial Engineering and an Executive Master’s degree in Innovation & Technology Management.

Stephen Blyth was appointed as CFO of Sappi Europe SA in July 2014. Prior to this he was the Deputy Group Treasurer for Sappi International in Brussels since 2010. Having served for nine years with KPMG he joined Sappi Limited in 2005 in Johannesburg in tax and financial management roles. He has significant funding and refinancing transactions experience along with experience from the integration of the M-Real acquisition. He holds a Bachelor of Commerce (Honours) degree and is a qualified Chartered Accountant.

“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,” say UPM President and CEO Massimo Reynaudo and Sappi CEO Steve Binnie.

UPM and Sappi announced the planned Joint Venture in 2025 and signed the definitive agreements on the transaction in May 2026. The transaction requires among other conditions 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. As announced on April 28, 2026, the review of the Joint Venture proceeded to Phase II of EU merger control. UPM continues 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.