UPM and Sappi nominate management team for planned graphic paper joint venture

(UPM, Helsinki, September 14, 2026 at 15:00 EEST) – UPM and Sappi have conditionally nominated the rest of the management team for the planned graphic paper joint venture, following the conditional nominations of Gunnar Eberhardt as the CEO and Stephen Blyth as the CFO earlier this month. The nominations are conditional on receipt of all regulatory approvals and completion of the transaction.

The following people have been conditionally nominated for the management team:

Jan Gustafsson, Senior Vice President, Human Resources, with responsibility for HR, Strategy, Communications, Sustainability, and Legal. He is currently Vice President, Human Resources, UPM Communication Papers.

Marco Eikelenboom, Senior Vice President, Sales and Marketing, with responsibility for Sales and Marketing. He is currently Chief Executive Officer of Sappi Europe SA.

Antti Hermonen, Senior Vice President, Operations, with responsibility for Operations, R&D, Energy, and Sourcing. He is currently Senior Vice President, Operations, UPM Communication Papers.

Jan-Sander van Tuijl, Senior Vice President, Supply Chain. He is currently Vice President, Supply Chain & Procurement, Sappi Europe SA.

“We are pleased to nominate these four individuals to join Gunnar and Stephen. Their collective experience, proven ability to lead through change and strong understanding of the industry will be instrumental in building a resilient and competitive business that delivers long-term value for customers, employees and shareholders,” say UPM President and CEO Massimo Reynaudo and Sappi CEO Steve Binnie.

As previously communicated, Stephen Blyth has been conditionally nominated as Chief Financial Officer with responsibility of Finance and Control, Tax and Treasury as well as Internal Audit, IT, and Real Estate. He is currently the CFO of Sappi Europe SA.

UPM and Sappi announced the planned Joint Venture in 2025 and signed the definitive agreements on the transaction in May 2026. The transaction requires among other conditions merger control approval by the European Commission and authorities in other jurisdictions, with final resolutions expected by the end of 2026. The Joint Venture would become operational upon closing. As announced on April 28, 2026, the review of the Joint Venture proceeded to Phase II of EU merger control. UPM continues to engage openly and constructively with the European Commission during the second part of the process.

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

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