Mondi Group CE David Hathorn will step down in May after 16 years at the helm and will be succeeded by Peter Oswald, who heads the Europe and International division. The paper and pulp group said on Wednesday that Hathorn would guide Oswald and work in an executive capacity until he retired in February 2018. Hathorn joined Mondi in 1991 and was appointed CE in 2000. During his tenure, Mondi was spun out of Anglo American and separately listed on the JSE in 2007. Since its market debut, the group’s market capitalisation has more than quadrupled, with a compound annual return to shareholders of more than 18%. "It has been a great privilege to have worked for Mondi over the past 26 years, being involved in its development from a regional business to a truly international group delivering industry leading returns," Hathorn said. The stock was marginally higher at R298 in early trade on the JSE.