UPM and Sappi nominate leaders for planned graphic paper joint venture

Nominations

UPM and Sappi have conditionally nominated Gunnar Eberhardt as Chief Executive Officer and Stephen Blyth as Chief Financial Officer of the planned graphic paper joint venture; the nominations are conditional on receipt of all regulatory approvals and completion of the transaction.

Candidates' backgrounds

Gunnar Eberhardt has led UPM Communication Papers as Executive Vice President since October 2024 and earlier held sales, marketing, business unit and regional leadership roles at Henkel and Osram. He holds a Diploma in Industrial Engineering and an Executive Master’s degree in Innovation & Technology Management. Stephen Blyth has been CFO of Sappi Europe since July 2014, was Deputy Group Treasurer for Sappi International from 2010, joined Sappi in 2005 after nine years with KPMG, and is a qualified Chartered Accountant with a Bachelor of Commerce (Honours); he brings funding, refinancing and acquisition integration experience.

Transaction status and approvals

The companies announced the planned joint venture in 2025 and signed definitive agreements in May 2026. The transaction requires merger control approval by the European Commission and other jurisdictions; the EU review proceeded to Phase II and the parties expect final resolutions by the end of 2026. The joint venture would become operational upon closing.

Operational note

Until closing, UPM and Sappi will continue to operate their respective businesses independently, with current leadership remaining in their current roles.