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Sappi Limited Names Alcoa Executive Veronica Hagen New CEO, Sappi Fine Paper North America

Press release from the issuing company

BOSTON--Oct. 18, 2004--Sappi, the world's leading manufacturer of coated fine paper, today announced that Veronica "Ronee" M. Hagen, currently Chief Customer Officer of Alcoa Inc, has been appointed President and Chief Executive Officer of Sappi Fine Paper North America, effective November 1, 2004. Prior to the role of Chief Customer Officer, Hagen was the Business Unit President of Engineered Products for Alcoa with full profit and loss accountability for twenty-one operating plants. She was elected an officer of Alcoa in 2000. Before Alcoa, Hagen, owned and operated Metal Sales, a privately-owned business that sold ferrous and nonferrous metals, as well as metal processing and fabricating equipment. She sold her business in 1996 and joined Alumax as Executive Vice President. In 1998 she became part of Alcoa with Alcoa's acquisition of Alumax. "With a solid track record in operational management and commercial leadership, Ronee Hagen comes highly qualified to lead one of Sappi's most important businesses," said Jonathan Leslie, Chief Executive Officer of Johannesburg headquartered Sappi Limited. "Ronee has proven global business leadership skills and experience and this, combined with her strong focus on world-class customer service, change management and team building will enable her to take Sappi's North American business forward." Hagen will succeed Dr. John Job, who after the resignation of Kathy Walters, agreed to serve as President and Chief Executive Officer in May, 2004, while the search for a replacement took place. Dr. Job will continue in his executive role as the Technical Director of Sappi and will be actively involved during the transition. Currently based in Chicago, Hagen will relocate to Boston. She has a Bachelor of Arts degree in International Relations from the University of Southern California and has participated in an Executive Education program in Finance from the Wharton School, University of Pennsylvania and an Executive Leadership program at Harvard University.