Business

Smurfit Kappa, the paper-based packaging specialist, is to welcome Sean Fitzpatrick as chairman following the company’s initial public offering (IPO) this week.

Outgoing chairman Michael Smurfit announced his retirement after the flotation of the company on 14 February.

Fitzpatrick, currently chairman of Anglo Irish Bank in Dublin, will be both independent chairman and chairman of the nominations committee.

The IPO raised almost £900m (€1.3bn) after pricing Smurfit Kappa shares at £11.30 each.

Insiders had predicted Michael Smurfit’s retirement prior to the group’s flotation on the Irish Stock Exchange.

Liam O’Mahony and Nicanor Restrepo will also join the company as board directors.