CEO Miles Roberts of DS Smith (SMDS (LON)) intends to retire after a 13-year tenure, the British cardboard manufacturer announced on Thursday alongside a significant decrease in half-year profits. Consequently, shares saw a decline of nearly 2% in early trading.
Roberts plans to step down by November 2025, allowing the company ample time to identify and appoint his successor. His formal notice period is scheduled to commence on December 1, 2024.
The corporation, specializing in packaging, paper, and recycling services for major entities like Amazon and Unilever, recorded a 15% reduction in half-year pre-tax profit to 268 million pounds ($337.12 million).
Operating in over 30 countries, DS Smith faced challenges, including price reductions and decreased box sales, despite customers replenishing their inventories. Additionally, strike action by the company’s drivers in November further impacted operations.
Acknowledging the persisting challenging macro-economic climate, in a release, the company also noted some positive indicators: “Encouragingly, with destocking amongst our customers now largely over, we are seeing signs of volume improvement, with the second quarter performance being better than the first.”
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