JOHANNESBURG, Jan. 17, 2012 /PRNewswire/ -- Sappi Limited (NYSE: SPP, JSE: SAP), the global pulp and paper group, today announced that Mark Thompson, the current Chief Financial Officer, will retire from Sappi in August 2012 having reached the mandatory retirement age of 60. In order to ensure a smooth transition in this important role, Sappi is pleased to announce that Steve Binnie, currently the Chief Financial Officer of Edcon (Pty) Ltd, will join Sappi as CFO-designate on July 9, 2012. He will become CFO and join the Sappi Limited Board as an Executive Director on September 1, 2012.
Steve Binnie (44) has been CFO of Edcon since 2002. Prior to joining Edcon he was Group Financial Manager at Investec Bank Limited and held senior management positions at Transunion ITC and New Zealand Milk Products (SA). He is a Chartered Account and holds an MBA from Heriot-Watt University, Edinburgh, Scotland.
Commenting on the announcement, Sappi Chief Executive Officer, Ralph Boettger, said: "I am pleased that we have dealt with the succession of Mark Thompson as CFO in such a timeous manner. Mark has done a sterling job since his appointment in 2006 as CFO and prior to that as Sappi's Legal Counsel. I am confident that in Steve Binnie we have found a capable and well experienced CFO who will ensure a smooth succession and contribute substantially to the realisation of Sappi's growth and profitability strategy."NOTES TO EDITORS: Additional information on Steve Binnie:
- He holds BComm and BAcc degrees from the University of the Witwatersrand (WITS) in Johannesburg is a chartered accountant, CA(SA)
- holds an MBA from Heriot-Watt University, Edinburgh, Scotland
- completed his articles at KPMG
- started his career as Regional Financial Manager of Tanker Services
- became Financial Manager of New Zealand Milk Products (SA) before moving to Transunion ITC as Financial Director
- spent time as Group Financial Manager of Investec Bank Limited
- joined Edcon (Pty) Ltd in 2002 as CFO.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV