Sonoco Products Co 8-K, filed May 25, 2022
Sonoco Products Co (SON)
About this 8-K
Sonoco Products Co filed this 8-K on May 25, 2022, reporting on events of May 23, 2022.
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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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(b) Departure of Chief Financial Officer.
On May 23, 2022, Sonoco Products Company (the “Company”) and Julie C. Albrecht, the Company’s Vice President and Chief Financial Officer, agreed to a separation effective as of June 30, 2022. Ms. Albrecht has agreed to stay through such date in order to facilitate a smooth and orderly transition of her responsibilities. The Company has begun a retained search of internal and external candidates for a successor. Ms. Albrecht’s departure is not a result of any disagreement with the Company or its Board of Directors relating to the Company’s operations, policies or practices or any issues regarding its accounting policies or practices. In conjunction with her departure from the Company, it is anticipated that the Company and Ms. Albrecht will enter into a written separation agreement providing for certain severance payments and benefits, the receipt of which will be subject to her execution and non-revocation of a general release of claims in favor of the Company.
| Item 7.01 | Regulation FD Disclosure. |
On May 25, 2022, the Company issued a press release announcing the departure of Ms. Albrecht 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.
| 99.1 | Press Release of Sonoco Products Company, dated May 25, 2022. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
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: May 25, 2022 | By: | /s/ R. Howard Coker | |
| Name: | R. Howard Coker | ||
| Title: | President and Chief Executive Officer | ||
Exhibit 99.1
| May 25, 2022 | Contact: | Lisa Weeks |
+843-383-7524 | ||
| lisa.weeks@sonoco.com |
Sonoco Announces Transition of Chief Financial Officer
HARTSVILLE, S.C., U.S. – Sonoco (NYSE: SON), one of the largest sustainable global packaging companies, today announced that Julie Albrecht, who has served as Vice President and Chief Financial Officer since March 2019, will be departing the Company on June 30, 2022. Albrecht will remain in the CFO role through that date to ensure a smooth and orderly transition of responsibilities. Her successor will be the subject of a future announcement as the Company is undergoing a retained search of internal and external candidates.
Albrecht joined Sonoco in March 2017 as Corporate Vice President, Treasurer and Assistant CFO holding responsibility for Sonoco’s treasury, tax and risk management functions. As CFO, she has been instrumental in the Company’s activities to improve cash flow generation, de-risk and annuitize the Company’s domestic defined pension plans and finance more than $2 billion in strategic acquisitions.
“Julie has brought a focus on developing strong finance talent, leading diversity and inclusion initiatives, driving a process improvement culture in finance and building strategic alignment between the CFO position and senior leadership within Sonoco,” said Howard Coker, President and CEO. “She will be missed, and I wish her all the best in her future personal and professional endeavors.”
Albrecht is a finance professional with more than 30 years of diverse experiences. She is graduate of Wake Forest University with a B.S. in Accounting. She spent four years in audit with PricewaterhouseCoopers where she obtained her Certified Public Accountant license. In 1996, Albrecht joined Coltec Industries where she worked in various finance roles for almost 19 years after Coltec was acquired by Goodrich Corporation, which was then acquired by United Technologies. In March 2015, she became VP, Finance, Investor Relations and Treasurer at Esterline Technologies, a $2 billion global aerospace company.
About Sonoco
Founded in 1899, Sonoco (NYSE: SON) is a global provider of consumer, industrial, healthcare and protective packaging. With net sales of approximately $5.6 billion in 2021, the Company has approximately 22,000 employees working in more than 300 operations in 32 countries, serving some of the world’s best-known brands in some 85 nations. Sonoco is committed to creating sustainable products, services and programs for its customers, employees and communities that support our corporate purpose of Better Packaging. Better Life. The Company ranked first in the Packaging sector on Fortune’s World’s Most Admired Companies for 2022 as well as being included in Barron’s 100 Most Sustainable Companies for the third consecutive year. For more information, visit www.sonoco.com.
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1 North Second Street
Hartsville, S.C. 29550 USA
www.sonoco.com