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VENTURES AFRICA – JSE-listed paper and pulp giant, Sappi, on Monday said Steve Binnie (46), the firm’s current chief financial officer (CFO), had been promoted to the position of CEO at Sappi starting July this year.
The CEO position at Sappi was left vacant after Ralph Boëttger resigned earlier this year as CEO of Sappi following his contraction of a“serious illness.”
Boëttger had been CEO of Sappi for seven years, having led the company through a tough period in its history.
“Under Ralph’s leadership the group has been transformed,” Sappi chair, Danie Cronjé, said when he announced that Boëttger was stepping down.
Binnie joined Sappi in July 2012 as CFO-designate and was later promoted to CFO. He joined the Sappi Board in September 2012. Before joining Sappi, Binnie had been the CFO of clothing retailer, Edcon, since 2002.
Before joining Edcon, Binnie was Group Financial Manager at the London and Johannesburg-listed investment and private bank, Investec, and occupied senior management positions at Transunion ITC and New Zealand Milk Products (SA).
He is a Chartered Account (CA) by training and is an MBA graduate from Heriot-Watt University, Edinburgh, Scotland. Cronjé said the board believes that Binnie has all it takes to lead Sappi and to post robust profits growth into the future.
“It is anticipated that a successor for Steve as CFO will be announced before the end of June 2014,” Cronje said.