Sonoco Products Co 8-K/A, filed Jun 17, 2025
Sonoco Products Co (SON)
About this 8-K/A
Sonoco Products Co filed this 8-K/A on June 17, 2025.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Explanatory Note
Sonoco Products Company (the “Company”) is filing this amendment (this “Amendment”) to the Current Report on Form 8-K originally filed by the Company with the Securities and Exchange Commission on June 17, 2025 (the “Original Filing”) solely for the purpose of correcting a scrivener’s error to reference the Company’s 2024 Omnibus Incentive Plan. This Amendment does not otherwise modify or update in any way the disclosures made in the Original Filing.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On June 17, 2025, the Company appointed Paul Joachimczyk to the role of Chief Financial Officer, effective June 30, 2025. In connection with such appointment and in order to ensure an orderly transition of duties, the Board determined that Jerry A. Cheatham, the Company’s Interim Chief Financial Officer, will continue to serve as principal financial officer until the filing of the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ending June 29, 2025, following which Mr. Joachimczyk will assume the role of principal financial officer and Mr. Cheatham will assume a senior finance leadership role with the Company. The Company thanks Mr. Cheatham for his service as Interim Chief Financial Officer.
Mr. Joachimczyk, 53, has served as Senior Vice President, Chief Financial Officer and Corporate Secretary of American Woodmark Corporation (“American Woodmark”), one of the nation's largest cabinet manufacturers, since August 2022, and as Vice President, Chief Financial Officer and Corporate Secretary from July 2020 to August 2022, in which roles he has acted as American Woodmark’s principal financial officer and principal accounting officer, as well as its corporate secretary. Mr. Joachimczyk also served as American Woodmark’s Vice President, Financial Planning and Analysis, from February 2019 to July 2020, and previously served as Vice President of Finance and Corporate Controller at TopBuild Corp. and held finance leadership positions with Stanley Black & Decker, Inc. and General Electric’s Healthcare and Capital Markets divisions. He began his career with Ernst and Young LLP as a financial auditor. Mr. Joachimczyk holds a Bachelor of Business Administration degree in Accounting from the University of Wisconsin-Milwaukee and is a Certified Public Accountant.
In connection with his appointment as Chief Financial Officer, the Company entered into an offer letter with Mr. Joachimczyk pursuant which he is entitled to: (i) an initial annual base salary of $750,000; (ii) an annual bonus target equal to 85% of his base salary, subject to the terms of the Company’s annual cash incentive plan; (iii) a one-time cash sign-on bonus of $1,000,000, subject to reimbursement in the event of his voluntary resignation or termination for cause within 24 months of his hire date; and (iv) a one-time award of restricted stock units with a target grant date value of $1,000,000 granted on his start date under the Company’s 2024 Omnibus Incentive Plan, vesting in substantially equal annual installments over a three-year period subject to his continued service. Consistent with the Company’s annual grant cycle in 2026, Mr. Joachimczyk will also be eligible to receive annual awards under the 2024 Omnibus Incentive Plan of restricted stock units and performance contingent stock units with an anticipated approximate target level of $2,000,000. Mr. Joachimczyk will also be eligible to participate in the Company’s Change-in-Control Plan and Executive Officer Severance Plan, copies of which are filed as Exhibits 10-19 and 10-20, respectively, to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
The foregoing description of Mr. Joachimczyk’s offer letter is not complete and is qualified in its entirety by such offer letter, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarterly period ending June 29, 2025.
There are no family relationships between Mr. Joachimczyk and any director, executive officer or person nominated or chosen by the Company to become a director or executive officer of the Company within the meaning of Item 401(d) of Regulation S-K.
There are no arrangements or understandings with any other person pursuant to which Mr. Joachimczyk was appointed as the Company’s Chief Financial Officer. Mr. Joachimczyk has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
| Item 7.01 | Regulation FD Disclosure. |
On June 17, 2025, the Company issued a press release announcing the appointment of Mr. Joachimczyk to the position of Chief Financial Officer effective as of June 30, 2025 as described herein. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed to be “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, and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description of Exhibit | |
| 99.1 | Press Release of Sonoco Products Company, dated June 17, 2025. | |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
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.
| SONOCO PRODUCTS COMPANY | ||
| Date: June 17, 2025 | By: | /s/ John M. Florence, Jr. |
| John M. Florence, Jr. | ||
| General Counsel, Secretary and Vice President and General Manager, Industrial Paper Packaging, North America | ||
Exhibit 99.1
| Contact: | Roger Schrum | |
| 843-339 6018 | ||
| roger.schrum@sonoco.com |
Sonoco Names Paul Joachimczyk Chief Financial Officer
HARTSVILLE, S.C., June 17, 2025 – Sonoco Products Company (NYSE: SON), a global leader in value-added sustainable packaging, today announced that Paul Joachimczyk has been named Chief Financial Officer, effective June 30, 2025.
“We are pleased to have Paul joining the Sonoco family. He is a highly accomplished financial executive with a proven track record of successfully leading financial functions for large multinational publicly traded corporations,” said Howard Coker, President and Chief Executive Officer. “During his career, Paul has worked across diverse manufacturing industries, and he is committed to working with our leadership team to drive long-term value for shareholders by ensuring sound financial management and strong operating initiatives.”
Joachimczyk previously was Senior Vice President, Chief Financial Officer and Corporate Secretary of American Woodmark Corporation (NASDAQ: AMWD), one of the nation’s largest cabinet manufacturers, based in Winchester, VA. Prior to joining American Woodmark, he was Vice President of Finance for TopBuild Corp., a construction services and distribution company based in Daytona Beach, FL, and held finance leadership positions with Stanley Black & Decker and General Electric’s Healthcare and Capital Markets divisions. He began his career with Ernst and Young LLP as a financial auditor. He holds a Bachelor of Business Administration degree in accounting from the University of Wisconsin-Milwaukee and is a Certified Public Accountant.
Joachimczyk will replace Jerry Cheatham, who has served as Interim Chief Financial Officer since January 6, 2025, and will continue in that role through the filing of Sonoco’s second quarter Form 10-Q and assist Joachimczyk during the transition. Cheatham will then assume a senior finance leadership role with the Company.
“I want to thank Jerry for stepping in to lead our finance team during an important period in Sonoco’s transformation,” Coker said. “We look forward to Jerry and our experienced finance team working under Paul’s leadership to take the “New Sonoco” to the next level of achievement.”
About Sonoco
Founded in 1899, Sonoco (NYSE: SON) is a global leader in value-added, sustainable metal and fiber consumer and industrial packaging. The Company is now a multi-billion-dollar enterprise with approximately 23,400 employees working in 285 operations in 40 countries, serving some of the world’s best-known brands. Guided by our purpose of Better Packaging. Better Life.,® we strive to foster a culture of innovation, collaboration and excellence to provide solutions that better serve all our stakeholders and support a more sustainable future. Sonoco was proudly named one of America’s Most Trustworthy and Responsible Companies by Newsweek in 2025. For more information on the Company, visit our website at www.sonoco.com.
North Second Street
Hartsville, S.C. 29550 USA
843/383-7794
www.sonoco.com
Forward-Looking Statements
Certain statements made in this communication are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “committed,” “continue,” “drive,” “enable,” “ensure,” “look forward,” “next level,” “will,” or the negative thereof, and similar expressions identify forward-looking statements.
Forward-looking statements in this communication include, but are not limited to, statements regarding the Company’s ability to drive long-term value for shareholders by ensuring sound financial management and strong operating initiatives, the Company’s ability to serve its stakeholders and support a more sustainable future, and the timing and effects of senior leadership changes, including the ability to take the Company to the next level of achievement. These forward-looking statements are made based on current expectations, estimates and projections about the Company’s industry, management’s beliefs and certain assumptions made by management. Such information includes, without limitation, discussions as to guidance and other estimates, perceived opportunities, expectations, beliefs, plans, strategies, goals and objectives concerning the Company’s future financial and operating performance. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict.
Therefore, actual results may differ materially from those expressed or forecasted in such forward-looking statements. Risks and uncertainties include, among other things, risks related to the Company’s ability to execute on its strategy, including with respect to portfolio simplification, organizational streamlining, and capital investments, and achieve the benefits it expects therefrom; and the other risks, uncertainties and assumptions discussed in the Company’s filings with the Securities and Exchange Commission, including its most recent reports on Forms 10-K and 10-Q, particularly under the heading “Risk Factors.” Except as required by applicable law, the Company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed herein might not occur.
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