Jan 17, 2012. /Lesprom Network/. Sappi Limited announced that Mark Thompson, the current CFO, will retire from Sappi in August 2012 having reached the mandatory retirement age of 60. In order to ensure a smooth transition in this important role, Sappi announced that Steve Binnie, currently the CFO of Edcon (Pty) Ltd, will join Sappi as CFO-designate on July 9, 2012. He will become CFO and join the Sappi Limited Board as an Executive Director on September 1, 2012. Steve Binnie has been CFO of Edcon since 2002. Prior to joining Edcon he was Group Financial Manager at Investec Bank Limited and held senior management positions at Transunion ITC and New Zealand Milk Products (SA). He is a Chartered Account and holds an MBA from Heriot-Watt University, Edinburgh, Scotland. Commenting on the announcement, Sappi CEO, Ralph Boettger, said: "I am pleased that we have dealt with the succession of Mark Thompson as CFO in such a timeous manner. Mark has done a sterling job since his appointment in 2006 as CFO and prior to that as Sappi's Legal Counsel. I am confident that in Steve Binnie we have found a capable and well experienced CFO who will ensure a smooth succession and contribute substantially to the realisation of Sappi's growth and profitability strategy." Sappi Limited is a global pulp and paper group.