Amcor Appoints New CFO, Details Compensation

TL;DR

Amcor names new CFO, Schrock gets $650K salary + big bonus & stock.

AI Summary

Amcor plc announced on September 5, 2024, the appointment of Michael J. Schrock as Chief Financial Officer, effective September 9, 2024. Schrock will receive an annual base salary of $650,000 and is eligible for a target annual bonus of 100% of his base salary. He will also be granted equity awards with a target value of $2,000,000.

Why It Matters

The appointment of a new CFO is a significant leadership change that could impact the company's financial strategy and investor confidence.

Risk Assessment

Risk Level: medium — Changes in key executive positions, especially the CFO, can introduce uncertainty regarding future financial strategies and performance.

Key Numbers

• $650,000 — CFO Base Salary (Annual compensation for Michael J. Schrock)
• 100% — CFO Target Bonus (Potential bonus as a percentage of base salary)
• $2,000,000 — CFO Equity Award Target (Value of stock grants for Michael J. Schrock)

Key Players & Entities

• Amcor plc (company) — Registrant
• Michael J. Schrock (person) — Appointed Chief Financial Officer
• $650,000 (dollar_amount) — Annual base salary for new CFO
• 100% (dollar_amount) — Target annual bonus percentage
• $2,000,000 (dollar_amount) — Target value of equity awards for new CFO
• September 5, 2024 (date) — Date of report
• September 9, 2024 (date) — Effective date for new CFO

FAQ

Key Financial Figures

• $0.01 — registered Ordinary Shares, par value $0.01 per share AMCR New York Stock Exchang

Filing Documents

• tm2423028d2_8k.htm (8-K) — 40KB
• tm2423028d2_ex10-1.htm (EX-10.1) — 11KB
• tm2423028d2_ex10-2.htm (EX-10.2) — 34KB
• tm2423028d2_ex99-1.htm (EX-99.1) — 14KB
• tm2423028d2_ex10-2img001.jpg (GRAPHIC) — 6KB
• tm2423028d2_ex10-1img001.jpg (GRAPHIC) — 4KB
• 0001104659-24-097383.txt ( ) — 358KB
• amcr-20240905.xsd (EX-101.SCH) — 4KB
• amcr-20240905_def.xml (EX-101.DEF) — 27KB
• amcr-20240905_lab.xml (EX-101.LAB) — 39KB
• amcr-20240905_pre.xml (EX-101.PRE) — 25KB
• tm2423028d2_8k_htm.xml (XML) — 8KB

02. Departure

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On September 5, 2024, Amcor plc (the "Company") announced that Fred Stephan , the Company's President, Amcor Flexibles North America, will become Chief Operating Officer of the Company (the "COO"), effective immediately. Mr. Stephan, 59, has served as President of Amcor Flexibles North America and a member of the Global Management Team, since joining Amcor in June 2019 with the acquisition of Bemis Company, where he was President of Bemis North America. Mr. Stephan has also had oversight of the Amcor Flexibles Latin America business since April 2024. From 2004 to 2017, Mr. Stephan served in senior executive and commercial roles at Johns Manville, a Berkshire Hathaway company, including as Senior Vice President and General Manager, Insulation Systems. Previously, Mr. Stephan spent five years at General Electric, ultimately serving as President and CEO of GE Lighting Systems. He began his career at GE Plastics. Mr. Stephan earned his B.S. in Electrical and Electronics Engineering from Purdue University. Mr. Stephan is a party to an employment agreement with the Company, dated June 21, 2019 (the "Original Employment Agreement"). On September 5, 2024, in connection with Mr. Stephan's appointment to the COO role, he entered into a letter agreement with the Company, dated as of such date (the "COO Letter Agreement") that sets forth employment and compensation terms relating to his role as the COO, and which incorporates certain terms of the Original Employment Agreement. Pursuant to the terms of the COO Letter Agreement, Mr. Stephan will receive an annualized base salary of USD 1,150,000. He will continue to participate in the Management Incentive Plan (the "MIP") including a target percentage of 100% of base salary and payouts ranging from 0 to 200% of base salary based on individual and Company performance. Mr

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. Exhibit Index Exhibit No. Description 10.1 COO Letter Agreement between Amcor Flexibles North America, Inc. and Fred Stephan, dated as of September 5, 2024. 10.2 Employment Agreement between Amcor Flexibles North America, Inc. and Fred Stephan, dated as of June 21, 2019. 99.1 Press Release of Amcor plc, dated September 5, 2024. 104 Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document. * This exhibit is a management contract or compensatory plan or arrangement.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AMCOR PLC Date September 5, 2024 /s/ Damien Clayton Name: Damien Clayton Title: Company Secretary

View Full Filing

View this 8-K filing on SEC EDGAR