Sealed Air Appoints New CFO, Peter Sandretto Jr.
Ticker: SEE · Form: 8-K · Filed: Jun 4, 2024 · CIK: 1012100
| Field | Detail |
|---|---|
| Company | Sealed Air Corp/De (SEE) |
| Form Type | 8-K |
| Filed Date | Jun 4, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.10 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, leadership-change
TL;DR
Sealed Air just hired a new CFO, Peter Sandretto Jr., starting June 3rd. Big shoes to fill!
AI Summary
On May 30, 2024, Sealed Air Corporation announced the appointment of Peter A. Sandretto Jr. as its new Chief Financial Officer, effective June 3, 2024. Sandretto previously served as Executive Vice President and Chief Financial Officer of AptarGroup, Inc. He will receive an annual base salary of $500,000 and is eligible for a target annual bonus of 100% of his base salary.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact financial strategy and investor confidence.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategies and performance.
Key Numbers
- $500,000 — CFO Base Salary (Annual compensation for Peter A. Sandretto Jr.)
- 100% — CFO Target Bonus (Potential annual bonus for Peter A. Sandretto Jr.)
Key Players & Entities
- Sealed Air Corporation (company) — Registrant
- Peter A. Sandretto Jr. (person) — Newly appointed Chief Financial Officer
- June 3, 2024 (date) — Effective date of appointment
- AptarGroup, Inc. (company) — Previous employer of new CFO
- $500,000 (dollar_amount) — Annual base salary for new CFO
- 100% (dollar_amount) — Target annual bonus percentage for new CFO
FAQ
Who is the new Chief Financial Officer of Sealed Air Corporation?
Peter A. Sandretto Jr. has been appointed as the new Chief Financial Officer of Sealed Air Corporation.
When is Peter A. Sandretto Jr.'s appointment effective?
The appointment of Peter A. Sandretto Jr. is effective June 3, 2024.
What was Peter A. Sandretto Jr.'s previous role?
Peter A. Sandretto Jr. previously served as Executive Vice President and Chief Financial Officer of AptarGroup, Inc.
What is the annual base salary for the new CFO?
The annual base salary for Peter A. Sandretto Jr. is $500,000.
What is the target annual bonus for the new CFO?
The target annual bonus for Peter A. Sandretto Jr. is 100% of his base salary.
Filing Stats: 933 words · 4 min read · ~3 pages · Grade level 14.5 · Accepted 2024-06-04 08:52:43
Key Financial Figures
- $0.10 — ch Registered Common Stock, par value $0.10 per share SEE New York Stock Exchan
Filing Documents
- ef20030540_8k.htm (8-K) — 37KB
- ef20030540_ex10-1.htm (EX-10.1) — 147KB
- 0001140361-24-028719.txt ( ) — 350KB
- see-20240530.xsd (EX-101.SCH) — 4KB
- see-20240530_lab.xml (EX-101.LAB) — 21KB
- see-20240530_pre.xml (EX-101.PRE) — 16KB
- ef20030540_8k_htm.xml (XML) — 4KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Departure of Officer On May 30, 2024, Sealed Air Corporation (the "Company") and Tobias Grasso, Jr., President, Americas of the Company, mutually agreed that Mr. Grasso will be stepping down from his current position as an executive officer effective June 4, 2024, and continue to serve in an advisory role through July 1, 2024. There are no changes to the severance that Mr. Grasso is entitled to receive pursuant to the Sealed Air Corporation Executive Severance Plan (the "Plan"). Amendment and Restatement of Executive Severance Plan On June 1, 2024, the People and Compensation Committee of the Board of Directors of the Company approved an amendment and restatement of the Plan to include CEO severance arrangements as follows: In the event of a termination without cause or by the CEO for good reason not in connection with a change in control, the CEO will receive: o cash severance in an amount equal to two (2) times the sum of the CEO's annual base salary plus target annual bonus, payable in an immediate lump sum; o a pro rata bonus for the year in which the involuntary termination occurs based on actual performance results for the year and payable at the same time bonuses for the year are otherwise paid; and o a payment equal to 24 times the then applicable employee cost for monthly premiums for medical, prescription and dental benefits under the Company plans based on the CEO's then applicable election, payable in an immediate lump sum. In the event of a termination without cause or by the CEO for good reason in connection with a change in control, the CEO will receive o cash severance in an amount equal to two and one half (2.5) times the sum of the CEO's annual base salary plus target annual bonus, payable in an immediate lump sum; o a pro rata bonus for the year in which the involunta
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 10.1 Sealed Air Corporation Executive Severance Plan (as amended and restated effective June 1, 2024). 104 Cover Page Interactive Data File (formatted as Inline XBRL and embedded within document) SIGNATURE 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, hereunto duly authorized. SEALED AIR CORPORATION By: /s/ Angel S. Willis Name: Angel S. Willis Title: Vice President, General Counsel and Secretary (Duly Authorized Officer) Date: June 4, 2024