-------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
FOR THE MONTH OF FEBRUARY, 2003
Commission file number: 1-14872
SAPPI LIMITED
(Translation of registrant's name into English)
48 AMESHOFF STREET
BRAAMFONTEIN
JOHANNESBURG 2001
REPUBLIC OF SOUTH AFRICA
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F
--- ------
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1):
-----
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7):
-----
Indicate by check mark whether by furnishing the information contained in
this Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes No X
------- -------
If "Yes" is marked, indicated below the file number assigned to the
registrant in connection with Rule 12g3-2(b):82-
-----
-------------------------------------------------------------------------------
INCORPORATION BY REFERENCE
Sappi Limited's press release dated February 10, 2003, announcing the
appointment of Jonathan Leslie as a Chief Executive Officer, furnished by the
Registrant under this Form 6-K, except for the third sentence of the fourth
paragraph, is incorporated by reference into the Registration Statement on
Form S-8 of the Registrant (File No. 333-11304) and the Section 10(a)
Prospectus dated April 3, 2001 relating to the offer and sale of the
Registrant's shares to Participants under The Sappi Limited Share Incentive
Scheme.
FORWARD-LOOKING STATEMENTS
In order to utilize the "Safe Harbor" provisions of the United States Private
Securities Litigation Reform Act of 1995 ("the Reform Act"), Sappi Limited
(the "Company") is providing the following cautionary statement. Except for
historical information contained herein, statements contained in this Report
on Form 6-K may constitute "forward-looking statements" within the meaning of
the Reform Act. The words "believe", "anticipate", "expect", "intend",
"estimate", "plan", "assume", "positioned", "will", "may", "should", "risk"
and other similar expressions which are predictions of or indicate future
events and future trends which do not relate to historical matters identify
forward-looking statements. In addition, this Report on Form 6-K may include
forward-looking statements relating to the Company's potential exposure to
various types of market risks, such as interest rate risk, foreign exchange
rate risk and commodity price risk. Reliance should not be placed on
forward-looking statements because they involve known and unknown risks,
uncertainties and other factors which are in some cases beyond the control of
the Company, together with its subsidiaries (the "Group"), and may cause the
actual results, performance or achievements of the Group to differ materially
from anticipated future results, performance or achievements expressed or
implied by such forward-looking statements (and from past results, performance
or achievements). Certain factors that may cause such differences include but
are not limited to: the highly cyclical nature of the pulp and paper industry;
pulp and paper production, production capacity and pricing levels in North
America, Europe, Asia and southern Africa; any major disruption in production
at the Group's key facilities; changes in environmental, tax and other laws
and regulations; adverse changes in the markets for the Group's products; any
delays, unexpected costs or other problems experienced with any business
acquired or to be acquired; consequences of the Group's leverage; adverse
changes in the South African political situation and economy or the effect of
governmental efforts to address present or future economic or social problems;
and the impact of future investments, acquisitions and dispositions (including
the financing of investments and acquisitions) and any delays, unexpected
costs or other problems experienced in connection with dispositions. These and
other risks, uncertainties and factors are discussed in the Company's
Registration Statement on Form F-1 and other filings with the Securities and
Exchange Commission, including this Report on Form 6-K. Shareholders and
prospective investors are cautioned not to place undue reliance on these
forward-looking statements. These forward-looking statements are made as of
the date of the filing of this Report on Form 6-K and are not intended to give
any assurance as to future results. The Company undertakes no obligation to
publicly update or revise any of these forward- looking statements, whether to
reflect new information or future events or circumstances or otherwise.
SAPPI
Sappi Limited
Press Release
Johannesburg, 10 February 2003
Sappi appoints new Chief Executive Officer.
Sappi Limited announced today that Jonathan Leslie, currently Chief Executive
of the Diamonds and Gold Group of Rio Tinto plc, will join the group in April
this year as Chief Executive Officer. At that time Sappi will split the roles
of Chairman and Chief Executive, and Eugene van As, the current Chief
Executive Officer, will retire as CEO and become Non-Executive Chairman of the
group.
Jonathan Leslie is a businessman with a great deal of international
experience, and has had a highly successful career at Rio Tinto where he has
been responsible for a wide range of corporate activities, including in the
past the Rossing Uranium mine in Namibia, the Copper Group and, more recently,
the Diamonds and Gold Group. He has lived and worked in many countries of the
world and is familiar with managing an operation with diverse cultures. He and
his wife, Pepe, will be relocating to Johannesburg from London where they now
live.
Sappi announced about a year ago that it intended splitting the role of
Chairman and Chief Executive, when Eugene van As, the current Executive
Chairman, retires, and that it was conducting a global search for a new Chief
Executive. Commenting on the process undertaken by Sappi, David Brink, a
Non-Executive Director of the group and Chairman of the group's Selection
Committee, said today that the board had set out to find a new leader for the
group that met specific characteristics. Ideally, it wanted somebody who would
lead the group for the next eight to ten years, and who could build on Sappi's
successful formula, keeping the culture of the group intact whilst growing it
to its full potential. Mr Brink said the Committee had an excellent group of
internal and external candidates to choose from, and the initial short list of
candidates included four nationalities. The board is satisfied that it has
chosen the best possible candidate to lead the company.
Jonathan Leslie said today that he was very excited about joining Sappi
Limited, "I was attracted by the group's business strategy, its successful
track record and its already significant market shares in Africa, Europe and
the United States. I look forward to developing the business further and
attaining its strategic objectives. Sappi seems to be well positioned and
poised to be able to grow. I have been particularly impressed when studying
the group's reports by its financial discipline and rigorous process of
allocating capital. I look forward to working with the Sappi team".
Eugene van As, Sappi's current Chairman and Chief Executive Officer, said "I
am delighted that Jonathan has agreed to join the Sappi group, and I could not
be more pleased with the board's choice. He is a first-rate executive and he
brings valuable skills and international experience to the group. I know he
will get unqualified support from the Sappi team and will be an excellent
leader and get the best out of all of them".
As regards his new role as Non-Executive Chairman, van As said, "I have been
at Sappi a very long time and I am conscious of the fact that it is time for
change and for new dynamic leadership. I am also very conscious of the need
for the new CEO to be the undisputed leader of the business. When I hand over
executive responsibilities after a short transition period to familiarise
Jonathan with the business, he will lead the company. My role as Non-Executive
Chairman will be to provide a sounding board for Jonathan when he needs it,
and to ensure that the appropriate debate on major strategic issues and
decisions is properly and transparently aired at board meetings, and to
maintain the culture of open debate and good corporate governance".
End
Notes to the Editor:
A photo of Mr Jonathan Leslie, as well as the electronic version of this
document, can be accessed on the Sappi website www.sappi.com .
Sappi Limited is the world's largest producer of coated fine paper with
leading market shares in North America, Europe and Africa. It is also the
world's largest producer of dissolving pulp. It has manufacturing operations
in eight countries on three continents and customers in more than 100
countries.
Rio Tinto is one of the world's largest mining and resources groups, employing
approximately 36 000 people and operating on every continent.
Biographical information
Jonathan C A Leslie
Born in Kasulu, Tanzania on 13 December 1950, Jonathan Leslie, a British
citizen, was educated at Trinity College, Oxford, receiving a Master of Arts
degree in Jurisprudence. He was called to the Bar in 1974.
He joined Rio Tinto in 1977. In the years leading up to his appointment as
mining director in 1994, he had a wide experience of the company's interests
in Africa, Australia, Latin America and the United States, including Managing
Director of Rossing Uranium in Namibia. Prior to becoming Chief Executive of
the Diamonds and Gold Group in 1999, he was Chief Executive of the Copper
Group from 1997. He is also a director of Lihir Gold.
He was appointed a director of Rio Tinto plc in 1994 and of Rio Tinto Limited
in 1995.
He is married to Pepe, also a qualified lawyer, and they have 4 grown-up
children (two sets of twins) - a son and three daughters.
He has lived in the UK, the USA, Namibia and Australia.
His interests include rackets sports; he gained five different blues at Oxford
University and was the leading British amateur squash player from 1976 - 1980.
CAREER SUMMARY
1974 - 1977 CHANCERY CHAMBERS
Barrister
1977 - present RIO TINTO
1977-1980 Legal Department
1980-1984 Uranium Marketing Executive, Mineral Services
1984-1985 Strategy Department
1985-1987 PA to the Chief Executive
1987-1989 Strategy Manager, Metals Group
Responsible for Zimbabwe operations
1989-1991 Director Latin America and RTZ Mining and Metals Ltd
Chairman Anglesey Aluminium (smelter)
Chairman Capper Pass (smelter in Hull)
Rio Tinto Representative on Escondida Owners
Council (copper mine in Chile run by BHP)
1991-1994 Managing Director, Rossing Uranium Ltd, Namibia
1994 Appointed to Main Board with responsibilities in
Europe, Brazil, Namibia, India and Papua New Guinea
1995 Director RTZ-CRA Dual listed company
1996 CRA Group Executive, Melbourne
1997 Acting President of Kennecott Corporation based in
Salt Lake City
1997-1999 CEO Copper Group
1999 - present CEO Diamonds and Gold Group
For further information please contact:
Andre Oberholzer
Corporate Affairs Manager
Sappi Limited
Tel +27 (0)11 407 8044
Fax +27 (0)11 403 8236
Cell +27 (0)82 906 0638
Andre.oberholzer@za.sappi.com
-----------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
SAPPI LIMITED
by
/s/ D.G. Wilson
-------------------------
Name: D.G. Wilson
Title: Executive Director: Finance
Date: February 12, 2003