The Group Finance Director of DS Smith, the recycled packaging company, is stepping down after accepting a role at a private equity backed business.
Steve Dryden has handed in his 12-month notice which will expire in January 2014.
Until then he will continue his duties with the FTSE 250 company including the integration of SCA Packaging.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
He will also ensure a smooth transition of responsibilities to his successor before he leaves.
"This was a difficult decision as I am proud of DS Smith's achievements and am confident that I leave the company in good shape and well positioned to continue to grow, having undertaken a smooth transition to my successor," Dryden said in a statement.
The board has started searching for candidates to replace Dryden.
Gareth Davies, Chairman of DS Smith, said he was sad to see Dryden go but wished him all the best.
"Steve has done an excellent job for DS Smith over the last five years," he said.
"He has been instrumental in significantly re-shaping the group in line with our strategic aim to become the leader in recycled packaging for consumer goods."
Miles Roberts, Chief Executive of DS Smith, added: "Steve has made a significant contribution to DS Smith. I have enjoyed working with him and wish him well in his new choice of career."
Shares dropped 0.24% to 212.20p at 11:48 Tuesday.
RD
-
Adidas, Nike or Jordans - could collectable trainers make you rich?The right pair of trainers can fetch six figures. Here's how you can start collecting vintage Adidas, Nike or Jordans now
-
Early bird ISA investors flock to global funds, India and the USThere’s been an increase in investors maxing out their ISA at the start of the new tax year. But where are they putting their cash and why does it make sense to be an early bird investor?
