UPM and Sappi have named the executives they want to lead their planned graphic paper joint venture, as the companies move toward a potential year-end completion of the deal.

 

Gunnar Eberhardt has been nominated as Chief Executive Officer, while Stephen Blyth has been nominated as Chief Financial Officer. The appointments remain conditional on regulatory approvals and completion of the transaction.

 

Eberhardt has led UPM’s Communication Papers business as Executive Vice President since October 2024. Before joining UPM, he was Corporate Vice President of Henkel’s Adhesives Automotive OEM Business, a role he took up in April 2022. He previously held a series of sales, marketing, business unit and regional leadership positions at Henkel and Osram dating back to 2000.

 

Blyth has served as CFO of Sappi Europe SA since July 2014. He previously worked as Deputy Group Treasurer for Sappi International in Brussels and joined Sappi in 2005 after nine years at KPMG. His experience includes major funding and refinancing transactions and the integration of Sappi’s M-Real acquisition.

 

“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, which is intended as a decisive response to the structural challenges of the European graphic paper industry and customers’ need for supply security,” say UPM President and CEO Massimo Reynaudo and Sappi CEO Steve Binnie.

 

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

 

The deal still faces significant regulatory hurdles. It requires merger-control approval from the European Commission and authorities in other jurisdictions, with final decisions expected by the end of 2026.

 

The European Commission’s review entered Phase II on April 28, 2026. UPM said it continues to engage “openly and constructively” with the Commission as the review progresses.

 

If completed, the joint venture would become operational at closing.

 

Until then, UPM and Sappi will continue to run their businesses independently, with their existing management teams remaining in place.

 

The proposed combination comes as the European graphic paper industry grapples with structural challenges and customers seek greater security of supply.