Packaging And Design

DS Smith Names Biffa's Pike As New Finance Boss

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British packaging group DS Smith Plc has appointed Richard Pike as its finance director to replace Adrian Marsh, who is retiring next summer.

Pike, 53, will join DS Smith from waste management company Biffa, where he's been the finance chief for the last four years.

In September, Biffa agreed to be taken over by private equity firm Energy Capital Partners (ECP) in a deal valued at about £1.3 billion ($1.55 billion).

Under the British national, Biffa has seen its share price climb nearly 64% up to the last close.

'An Excellent Track Record'

"Richard has an excellent track record as a CFO in manufacturing businesses and great experience in the recycling and sustainability sectors," said Miles Robert, chief executive officer at DS Smith, whose focus on recycling and sustainable packaging has intensified over the years.

Pike's departure from Biffa is expected to be no later than April 30, the midcaps waste management firm said in a separate statement.

Last month, the British cardboard maker forecast overall annual performance to be ahead of its expectations, helped by strong revenue growth and cost-cuts.

At the time, DS Smith said it expects adjusted operating profit of at least £400 million (€455.7 million) for the half year to 31 October. It had earned £276 million (€314.4 million) a year earlier.

The company has also opened a plant in northern Italy to help it reach its full-year growth targets as well as cut down on emissions and soften the impact of soaring energy prices.

News by Reuters, edited by ESM. For more packaging news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.

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