CEO Miles Roberts to retire
HY Pre tax profit down 15
Shares down 2 in early trading

Dec 7 Reuters DS Smith CEO Miles Roberts plans to retire after 13 years, the British cardboard maker said on Thursday, as the company reported a sharp drop in halfyear profits and said the macro environment was challenging for demand.

Shares fell nearly 2 in early trading.

Roberts will step down no later than November 2025, giving the company time to identify his successor, it said. His formal notice period will start on Dec. 1, 2024.

The Londonlisted company, which provides packaging, paper and recycling services to companies including Amazon and Unilever, reported a 15 drop in halfyear pretax profit to 268 million pounds 337.12 million

DS Smith, which operates in more than 30 countries, had cut prices and sold fewer boxes even as customers restock inventories. The company was also hit by strike action by its drivers in November.

Packaging companies such as DS Smith enjoyed a surge in sales during pandemic lockdowns when ecommerce demand soared but destocking and tougher macroeconomic conditions have weighed on its business in the last year.

DS Smith said the macroeconomic environment remained challenging, but there were signs of improvement.

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, the company said in a statement.

For the sixmonths ended…