Sealed Air Corp Announces Executive Changes and Financial Filings
Ticker: SEE · Form: 8-K · Filed: Feb 14, 2025 · CIK: 1012100
| Field | Detail |
|---|---|
| Company | Sealed Air Corp/De (SEE) |
| Form Type | 8-K |
| Filed Date | Feb 14, 2025 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.10, $1,100,000, $6,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-changes, cfo, filing
Related Tickers: SEE
TL;DR
Sealed Air CFO out, new execs in. Financials filed.
AI Summary
Sealed Air Corporation announced on February 12, 2025, changes in its executive team, including the appointment of a new Chief Financial Officer and other officer roles. The company also reported on executive compensation arrangements and provided financial statements and exhibits.
Why It Matters
Changes in key executive positions, particularly the CFO, can signal shifts in financial strategy or operational focus for the company.
Risk Assessment
Risk Level: medium — Executive changes, especially at the CFO level, can introduce uncertainty regarding future financial strategy and performance.
Key Players & Entities
- Sealed Air Corporation (company) — Registrant
- February 12, 2025 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
- 65-0654331 (identifier) — IRS Employer Identification No.
FAQ
Who has been appointed as the new Chief Financial Officer?
The filing indicates the appointment of a new Chief Financial Officer, but the specific name is not provided in the excerpt.
What other officer roles were affected by these changes?
The filing mentions "other officer roles" were part of the reported changes, but details are not specified in the provided text.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is February 12, 2025.
What is the state of incorporation for Sealed Air Corporation?
Sealed Air Corporation is incorporated in Delaware.
What items are covered in this 8-K filing?
This 8-K filing covers the departure of directors or certain officers, election of directors, appointment of certain officers, compensatory arrangements of certain officers, Regulation FD Disclosure, and Financial Statements and Exhibits.
Filing Stats: 1,265 words · 5 min read · ~4 pages · Grade level 11.3 · Accepted 2025-02-14 16:16:55
Key Financial Figures
- $0.10 — ich Registered Common Stock, par value $0.10 per share SEE New York Stock Exchange
- $1,100,000 — ch's annual base salary is increased to $1,100,000 and his target bonus is increased to 12
- $6,000,000 — will have a target grant date value of $6,000,000. His actual annual bonus, performance s
Filing Documents
- see-20250212.htm (8-K) — 39KB
- feb2025letteragreementex101.htm (EX-10.1) — 30KB
- q12025pressreleaseex991.htm (EX-99.1) — 15KB
- corporate-logo_fullxcolora.jpg (GRAPHIC) — 233KB
- corporate-logo_fullxcolorb.jpg (GRAPHIC) — 233KB
- 0001628280-25-005724.txt ( ) — 830KB
- see-20250212.xsd (EX-101.SCH) — 2KB
- see-20250212_lab.xml (EX-101.LAB) — 21KB
- see-20250212_pre.xml (EX-101.PRE) — 12KB
- see-20250212_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. Dustin Semach has been appointed to serve as Chief Executive Officer of Sealed Air Corporation (the "Company"), replacing Patrick Kivits effective as of February 12, 2025 (the "Transition Date"). Effective on the Transition Date, Mr. Kivits has left the Company and has resigned as a member of the Board of Directors (the "Board"). Mr. Semach will also continue to serve as the Company's President and, effective February 17, 2025, will be appointed as a member of the Board and its Executive Committee. There are no material changes to the severance that Mr. Kivits is entitled to receive for termination without cause pursuant to his offer letter dated June 7, 2024, and the Sealed Air Corporation Executive Severance Plan (as amended and restated effective June 1, 2024), each of which was previously disclosed. In connection with his promotion to Chief Executive Officer, Mr. Semach entered into a letter agreement with the Company on February 12, 2025 (the "Semach Letter"), which maintains the terms of Mr. Semach's previously disclosed offer letter (dated March 15, 2023, and amended March 20, 2023, and June 11, 2024), except as follows: Effective retroactive to January 1, 2025, Mr. Semach's annual base salary is increased to $1,100,000 and his target bonus is increased to 120% of his base salary. Mr. Semach's long-term incentive awards for 2025, comprising 50% time-vested restricted stock units and 50% performance share units, will have a target grant date value of $6,000,000. His actual annual bonus, performance share unit payout, and mix of future long-term incentive awards will continue to be determined by the Board's People & Compensation Committee in accordance with the applicable incentive compensation programs. Mr. Semach, age 43, has served as President and Chief Financial Officer of the Company since June
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On February 14, 2025, the Company issued a press release announcing the events described above. 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 10.1 Letter agreement, dated February 12, 2025, between Dustin Semach and Sealed Air Corporation. 99.1 Press Release issued by Sealed Air Corporation, dated February 14, 2025. 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/ Dustin J. Semach Name: Dustin J. Semach Title: President and Chief Executive Officer Date: February 14, 2025