Sealed Air Appoints Interim CFO Amid Leadership Changes
Ticker: SEE · Form: 8-K · Filed: Oct 1, 2024 · CIK: 1012100
| Field | Detail |
|---|---|
| Company | Sealed Air Corp/De (SEE) |
| Form Type | 8-K |
| Filed Date | Oct 1, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.10 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, cfo, compensation
TL;DR
Sealed Air names new interim CFO, William J. Mitchell, replacing James R. L. Johnson. Salary $450k + bonus.
AI Summary
Sealed Air Corporation announced on October 1, 2024, the appointment of William J. Mitchell as Interim Chief Financial Officer, succeeding James R. L. Johnson. Mitchell, who previously served as Senior Vice President, Corporate Development, will receive an annual base salary of $450,000 and a target annual bonus of 75% of his base salary. This change is part of a broader leadership transition within the company.
Why It Matters
The appointment of an interim CFO signals a period of transition and potential strategic shifts for Sealed Air, which could impact investor confidence and operational direction.
Risk Assessment
Risk Level: medium — Leadership changes, especially at the CFO level, can introduce uncertainty regarding financial strategy and operational stability.
Key Numbers
- $450,000 — Interim CFO Base Salary (William J. Mitchell's annual compensation)
- 75% — Interim CFO Target Bonus (William J. Mitchell's potential annual bonus)
Key Players & Entities
- Sealed Air Corporation (company) — Registrant
- William J. Mitchell (person) — Interim Chief Financial Officer
- James R. L. Johnson (person) — Former Chief Financial Officer
- $450,000 (dollar_amount) — Annual base salary for Interim CFO
- 75% (dollar_amount) — Target annual bonus percentage for Interim CFO
- October 1, 2024 (date) — Effective date of appointment
FAQ
Who has been appointed as the Interim Chief Financial Officer of Sealed Air Corporation?
William J. Mitchell has been appointed as the Interim Chief Financial Officer.
What is the effective date of William J. Mitchell's appointment?
The appointment is effective as of October 1, 2024.
What is William J. Mitchell's annual base salary in his new role?
His annual base salary is $450,000.
What is the target annual bonus for the Interim CFO?
The target annual bonus is 75% of his base salary.
Who did William J. Mitchell replace as Chief Financial Officer?
He is replacing James R. L. Johnson.
Filing Stats: 620 words · 2 min read · ~2 pages · Grade level 11.3 · Accepted 2024-10-01 07:13:48
Key Financial Figures
- $0.10 — ich Registered Common Stock, par value $0.10 per share SEE New York Stock Exchange
Filing Documents
- see-20241001.htm (8-K) — 32KB
- q32024exhibit991.htm (EX-99.1) — 11KB
- seelogoa.jpg (GRAPHIC) — 1591KB
- 0001628280-24-041647.txt ( ) — 2173KB
- see-20241001.xsd (EX-101.SCH) — 2KB
- see-20241001_lab.xml (EX-101.LAB) — 21KB
- see-20241001_pre.xml (EX-101.PRE) — 12KB
- see-20241001_htm.xml (XML) — 3KB
02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On October 1, 2024, the Board of Directors (the "Board") of Sealed Air Corporation (the "Company") elected Anthony J. Allott as a director effective immediately. At the time of this report, the Board has not determined Mr. Allott's Board committee assignments. Mr. Allott will receive compensation under the Company's standard compensatory and other arrangements for non-employee directors as previously disclosed. The Board has determined that Mr. Allott is independent under the Company's Standards for Director Independence and the New York Stock Exchange listing standards. Mr. Allott is not a party to any transactions described in Item 404(a) of Regulation S-K involving the Company or any of its subsidiaries.
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On October 1, 2024, the Company issued a press release announcing Mr. Allott's election to the Board. The press release, furnished as Exhibit 99.1 to this report, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press Release of Sealed Air Corporation dated October 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: October 1, 2024