DS Smith PLC (LSE:SMDS) shares fell initially after chief executive Miles Roberts will retire by this time next year, with no successor yet identified.
The CEO announced he is ending his 13-year career at the cardboard packaging group following a six-month period in which profit and sales at the paper company slumped.
The FTSE 100 company, which said it will update the market on a succession plan for the top position in due course, revealed an 18% drop in revenue to £3.5 billion for the six months to the end of October.
Profit before tax fell 15% to £268 million.
Roberts said this was a "robust" profit performance, supported by its focus on supplying packaging for predominantly FMCG customers, together with self-help productivity initiatives and a flexible supply chain.
“Our Q2 volume performance was improved versus Q1 and we expect this trend to continue with H2 volumes stronger than H1, sequentially and on a like for like basis, as we continue to win market share.”
Shares in the company fell 2% in early trades but by the late morning had broken into positive territory, up 1.5% at 305p.