Chesapeake has confirmed that Mr Mark Ennis, one of the North's most senior business figures, will step down as chief executive of its Northern Ireland divison, Boxmore International, in six months.
The US packaging giant acquired the former Northern Ireland listed packaging company in a £191 million sterling (€305.5 million) deal at the beginning of last year.
Mr Ennis, who is chairman of the Confederation of British Industry in the North, became a senior vice president of Chesapeake following the acquisition. Boxmore International, founded by Dr Harold Ennis, Mark Ennis's father, was one of the stars of the stock market in the last decade.
The Lisburn-based paper and packaging group pursed an aggressive growth strategy, which saw it expand from Northern Ireland to 19 sites across the Republic, France, South Africa and China under the direction of the Ennis family.
It also delivered a 12-year performance of unbroken profits and earnings per share growth to investors before rises in British interest rates and sterling's strength cooled their ambitions in the late 1990s.
Mr Ennis's decision to leave Chesapeake next April, to "pursue other career interests" marks the end of an era for the Ennis family in the North. The family was one of the largest shareholders in Boxmore before the Chesapeake takeover.
Dr Harold Ennis, former founding chairman, had held 3.3 million shares worth around £8.7 million at takeover prices while, Mr Mark Ennis had held 1.3 million shares, which would have realised around £3.3 million as a result of the acquisition. Mr Mark Ennis believed the time was right to leave the US group.
"I have been involved in strategic planning with Cheasapeake and ensuring that Boxmore was fully integrated into the organisation and this is now complete.
"I am involved in a couple of start-up companies and I have a number of other interests which I am keen to pursue," he said.
The US group has said Mr Ennis would be on "special assignment" to Mr Thomas Johnson, chairman of Chesapeake until his departure in April.
Mr Johnson has praised his contribution to Boxmore and Chesapeake. Chesapeake has said it plans to reorganise its plastic packaging business, currently under the direction of Mr Ennis.
Boxmore International, which employs more than 400 people in the North, will now come under the leadership of Mr Martin O'Connell, deputy chief executive of one of Chesapeake's other UK companies, the Field Group.
Earlier this month the American group warned it planned to cut its corporate overhead and rationalise its manufacturing network after undertaking a series of acquisitions in Europe over the past two years.
As part of this process Chesapeake is considering reducing its manufacturing capacity at two carton factories in Scotland and selling a third factory in England.
It has not disclosed anyrestructuring programme for its Northern operations but warns "additional capacity reductions" in other plants are under consideration.
