Smurfit to step down as chairman of Smurfit Kappa Group

Michael Smurfit is to step down as chairman of the Smurfit Kappa Group, it was revealed this afternoon.

He will be replaced by Sean Fitzpatrick, Chairman of the Anglo Irish Bank, ahead of a floatation of the packaging group later this year.

The floatation will raise €1.3 billion, which the group plans to use to pay off existing debt.

SKG was formed in late 2005 with the merger of the Jefferson Smurfit Group and the Netherlands based Kappa.