UPM and Sappi nominate management team for planned graphic paper joint venture

UPM and Sappi have conditionally nominated four additional members of the management team for their planned graphic paper joint venture, completing the proposed leadership group alongside the previously announced chief executive officer and chief financial officer.

The nominations remain subject to receipt of all required regulatory approvals and completion of the transaction.

Jan Gustafsson has been nominated Senior Vice President, Human Resources, with responsibility for human resources, strategy, communications, sustainability and legal affairs. He currently serves as Vice President, Human Resources, at UPM Communication Papers.

Marco Eikelenboom has been nominated Senior Vice President, Sales and Marketing, with responsibility for the joint venture’s sales and marketing activities. He is currently Chief Executive Officer of Sappi Europe SA.

Antti Hermonen has been nominated Senior Vice President, Operations, with responsibility for operations, research and development, energy and sourcing. He currently serves as Senior Vice President, Operations, at UPM Communication Papers.

Jan-Sander van Tuijl has been nominated Senior Vice President, Supply Chain. He is currently Vice President, Supply Chain and Procurement, Sappi Europe SA.

“We are pleased to nominate these four individuals to join Gunnar and Stephen. Their collective experience, proven ability to lead through change and strong understanding of the industry will be instrumental in building a resilient and competitive business that delivers long-term value for customers, employees and shareholders,” UPM President and CEO Massimo Reynaudo and Sappi CEO Steve Binnie said.

As previously announced, Gunnar Eberhardt has been conditionally nominated as Chief Executive Officer, while Stephen Blyth has been nominated as Chief Financial Officer. Blyth’s responsibilities would include finance and control, tax and treasury, internal audit, information technology and real estate. He currently serves as CFO of Sappi Europe SA.

UPM and Sappi first announced the planned joint venture in 2025 and signed definitive transaction agreements in May 2026. The proposed company would combine the parties’ graphic paper activities, subject to regulatory clearance and the fulfilment of other closing conditions.

The transaction requires merger-control approval from the European Commission and authorities in other jurisdictions. Final decisions are expected by the end of 2026, and the joint venture would become operational upon completion of the transaction.

The European Commission moved its review of the proposed joint venture to Phase II on 28 April 2026. UPM said it continues to engage openly and constructively with the Commission during the second stage of the process.

Until closing, UPM and Sappi will continue to operate their respective businesses independently, and the current leadership teams will remain in their existing roles.