Sunday 18 August 2019

Smurfit's Lawrence buys €4m shares

Jim Lawrence bought heavily into Smurfit
Jim Lawrence bought heavily into Smurfit

Nick Webb

Rothschild banker and new Smurfit Kappa group director Jim Lawrence has made the biggest personal purchase of shares by any non-executive board member of a major Irish company this year, spending almost €4m to buy a stake in the cardboard box company.

Last week, Lawrence, a corporate heavyweight who has held key positions at Unilever, North West Airlines and Pepsico before running Rothschild's North American operations, bought 150,000 shares at prices above €26.10 per share.

The financier now chairs investment group Great North Star in the US. His €4m purchase follows the decision by Smurfit Kappa finance chief Ian Curley to sell almost two-thirds of his entire stake in the firm, netting nearly €3.4m.

Smurfit Kappa has undergone a series of changes at the top, prompted by the retirement of chief executive Gary McGann earlier this year. Tony Smurfit replaced him following a short selection process and since his elevation the company's board room has also been recharged, with the arrival of new faces including Lawrence, and the departure of Sam Mencoff and Paul Stecko.

Sunday Indo Business

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