Smurfit Kappa announces Tony Smurfit as new chief executive

Smurfit Kappa has announced that its chief executive Gary McGann will retire from the position in August. The packaging group has appointed chief operating officer Tony Smurfit as group CEO designate.

Smurfit Kappa chairman Liam O’Mahony said Mr McGann led the transformation of the paper-based packaging company since his appointment as group CEO in 2002.

“Under his stewardship, the group has more than doubled in size, consolidated its position as European market leader; increased the group’s presence in Latin America; and, re-entered the US market,” Mr O’Mahony said.

He added that Mr McGann also led the group’s return to public markets in 2007 in what was the largest ever capital raising in the sector globally.

Mr Smurfit has served as a director of Smurfit Kappa since 1989 and was appointed group chief operations officer in November 2002. He was chief executive of Smurfit Europe from October 1999 to 2002.

Smurfit Kappa also announced results this morning, for the three months ending 31 March 2015.

Revenue, at €1.96 billion, was €30 million or 2 per cent higher year-on-year.

Earnings before interest, taxes, depreciation and amoritisation (Ebitda) of €266 million in the first quarter of 2015 compared to €269 million in 2014, €3 million or 1 per cent lower.

Earnings per share for the first quarter at 30.9 cent were 7 per cent higher than the 28.8 cent earned in the same period of 2014.