UPM and Sappi nominate executives for planned graphic paper joint venture

UPM and Sappi have conditionally nominated Gunnar Eberhardt as Chief Executive Officer and Stephen Blyth as Chief Financial Officer of their planned graphic paper joint venture. The appointments are subject to regulatory approvals and completion of the transaction.

Portrait of Gunnar Eberhardt wearing a dark suit and blue tie. — Gunnar Eberhardt has been conditionally nominated as Chief Executive Officer of UPM and Sappi’s planned graphic paper joint venture.

Gunnar Eberhardt has served as Executive Vice President of UPM Communication Papers since October 2024. Before joining UPM, he led Henkel’s automotive OEM adhesives business.

Earlier in his career, Eberhardt held several senior positions in sales, marketing and business management at Henkel and Osram. He holds a diploma in industrial engineering and an Executive Master’s degree in Innovation and Technology Management.

Stephen Blyth has served as Chief Financial Officer of Sappi Europe since July 2014. Before taking up the position, he worked as Deputy Group Treasurer for Sappi International in Brussels.

Blyth joined Sappi in Johannesburg in 2005 after nine years with KPMG. He has extensive experience in funding and refinancing transactions, as well as in the integration of the M-Real acquisition. He holds a Bachelor of Commerce Honours degree and is a qualified chartered accountant.

Portrait of Stephen Blyth wearing a dark suit and red tie. — Stephen Blyth has been conditionally nominated as Chief Financial Officer of UPM and Sappi’s planned graphic paper joint venture.

“We are pleased to nominate Gunnar and Stephen. Their proven track record, extensive leadership experience and complementary backgrounds are a perfect fit for the planned joint venture,” say UPM President and CEO Massimo Reynaudo and Sappi CEO Steve Binnie.

According to the companies, the planned joint venture is intended to address the structural challenges facing the European graphic paper industry and customers’ need for security of supply.

UPM and Sappi announced the planned joint venture in 2025 and signed the definitive transaction agreements in May 2026.

The transaction remains subject to merger control approval by the European Commission and authorities in other jurisdictions. Final decisions are expected by the end of 2026.

The European Commission’s review has proceeded to Phase II of the EU merger control process. UPM said it would continue its open and constructive engagement with the Commission.

The joint venture would begin operations after the transaction closes. Until then, UPM and Sappi will continue operating their businesses independently, with their current management teams remaining in their respective roles.