Packaging and paper products maker Mondi Group on March 19 announced the planned retirement of its joint chairs.

Fred Phaswana, joint chair of the boards of the dual-listed company, will stand for re-election at the annual general meetings in May. If re-elected, he will remain in office until the completion of the company's planned business simplification in the second half of 2019, after which he intends to retire. Phaswana was appointed to the role in 2013.

Joint chair David Williams, who has been in the role for more than nine years, plans to retire in early 2020.

Mondi is listed in London as Mondi PLC and in Johannesburg as Mondi Ltd. Under its corporate structure overhaul, the group will operate under Mondi PLC.