British packaging firm DS Smith names Biffa’s Pike as new finance boss

(Reuters) – British packaging group DS Smith Plc on Friday appointed Richard Pike as its finance director to replace Adrian Marsh, who is retiring next summer.

Pike, 53, will join DS Smith from waste management company Biffa Plc, where he’s been the finance chief for the last four years.

In September, Biffa agreed to be taken over by private equity firm Energy Capital Partners (ECP) in a deal valued at about 1.3 billion pounds ($1.55 billion).

Under the British national, Biffa has seen its share price climb nearly 64% up to the last close.

“Richard has an excellent track record as a CFO in manufacturing businesses and great experience in the recycling and sustainability sectors,” said Miles Robert, chief executive officer at DS Smith, whose focus on recycling and sustainable packaging has intensified over the years.

Pike’s departure from Biffa is expected to be no later than April 30, the midcaps waste management firm said in a separate statement.

($1 = 0.8405 pounds)

(Reporting by Anchal Rana and Yadarisa Shabong in Bengaluru; Editing by Sherry Jacob-Phillips and Rashmi Aich)