THE chief executive of Jefferson Smurfit Corporation, Mr James Terrill, announced yesterday he would retire at the end of the year but would remain as vice chairman of the board. He joined the company in 1971.

Mr Richard Graham, currently senior vice president of the US operation, has been named president and, at the end of the year, will also become chief executive.

At the same time, Mr Eric Priestley, formerly president and chief executive of the US division of British packaging firm Rexam, will become executive vice president and chief operating officer from August 1st.

Dr Michael Smurfit, chairman of JS Corp, insisted that the developments reflected "our rigorous succession planning".