UPM and Sappi have conditionally nominated four additional executives for their planned graphic paper joint venture, completing the proposed management team. The nominations remain subject to regulatory approvals and completion of the transaction.
Announced September 14, the selections follow the nominations of Gunnar Eberhardt as CEO and Stephen Blyth as CFO, previously reported by Paper Advance on September 9.
The four additional nominees come from UPM Communication Papers and Sappi Europe, with proposed responsibilities spanning commercial activities, operations, supply chain and corporate functions.
Four additional leadership roles
Jan Gustafsson has been nominated as senior vice-president, Human Resources, with responsibility for HR, strategy, communications, sustainability and legal affairs. He currently serves as vice-president, Human Resources, at UPM Communication Papers.
Marco Eikelenboom, currently CEO of Sappi Europe, has been nominated as senior vice-president, Sales and Marketing.
Antti Hermonen has been nominated as senior vice-president, Operations, overseeing operations, research and development, energy and sourcing. He currently holds the senior vice-president, Operations, role at UPM Communication Papers.
Jan-Sander van Tuijl, currently vice-president, Supply Chain & Procurement, at Sappi Europe, has been nominated as senior vice-president, Supply Chain.
The announcement also outlines Blyth’s proposed CFO responsibilities, which include finance and control, tax, treasury, internal audit, IT and real estate.
Regulatory review continues
UPM and Sappi announced the proposed joint venture in 2025 and signed definitive agreements in May 2026. The transaction remains subject to merger control clearance from the European Commission and authorities in other jurisdictions, alongside other closing conditions.
The European Commission’s review proceeded to Phase II, as announced on April 28. In their September 14 update, the companies reiterated that final regulatory decisions are expected by the end of 2026.
The joint venture would begin operating upon closing. Until then, UPM and Sappi will continue to operate independently, with their existing leaders remaining in their current roles.
