UPM and Sappi have nominated Gunnar Eberhardt as chief executive officer and Stephen Blyth as chief financial officer of their planned graphic paper joint venture. Both nominations depend on regulatory approvals and completion of the transaction.
Eberhardt currently leads UPM Communication Papers, while Blyth serves as CFO of Sappi Europe. Until the transaction closes, the companies will continue operating independently, with their existing leadership remaining in place.
Leadership drawn from both companies
Eberhardt has been Executive Vice President of UPM Communication Papers since October 2024. Before joining UPM, he led Henkel’s Automotive OEM adhesives business as Corporate Vice President, a position he held from April 2022.
His earlier career included 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 and technology management.
Blyth has served as CFO of Sappi Europe since July 2014. He previously held the position of Deputy Group Treasurer at Sappi International in Brussels, following tax and financial management roles at Sappi in Johannesburg.
He joined Sappi in 2005 after nine years at KPMG. His experience includes funding and refinancing transactions and work on the integration of Sappi’s M-Real acquisition. He holds a Bachelor of Commerce (Honours) degree and is a qualified Chartered Accountant.
In a joint statement, UPM President and CEO Massimo Reynaudo and Sappi CEO Steve Binnie said the nominees bring complementary experience to the proposed business. They described the venture as a response to structural challenges in Europe’s graphic paper industry and customers’ need for supply security.
Transaction remains under regulatory review
UPM and Sappi announced the proposed joint venture in 2025 and signed definitive agreements in May 2026.
The transaction remains subject to merger control approval from the European Commission and authorities in other jurisdictions, alongside other closing conditions. The companies expect final regulatory decisions by the end of 2026.
The European Commission opened its in-depth Phase II investigation on April 28, 2026, citing concerns that the proposed venture could reduce competition in certain graphic and specialty paper markets in the European Economic Area. The opening of the investigation does not prejudge its outcome.
UPM said it continues to engage with the Commission during the review. The joint venture would begin operating upon completion of the transaction.
