SOLNA, Sweden — Billerud’s board announced Friday that President and CEO Christoph Michalski is leaving the CEO role at Billerud immediately.

Michalski has held the position of CEO since November 2020.

The board of Billerud has appointed the current CFO and deputy CEO, Ivar Vatne, as acting CEO. Vatne joined the company as CFO in May 2019 and has also been deputy CEO since October 2022.

“The board is confident that Ivar Vatne can quickly step into the role of acting CEO and that he can lead the implementation of our established strategy,” said Jan Svensson, board chairman.

“The board would like to thank Christoph Michalski for his significant contribution to Billerud,” Svensson said.

During Michalski’s term, the company completed the acquisition of Verso in North America.