Form 8-K SONOCO PRODUCTS CO For: Nov 22
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 22, 2016
SONOCO PRODUCTS COMPANY
Commission File No. 001-11261
Incorporated under the laws | I.R.S. Employer Identification | |
of South Carolina | No. 57-0248420 | |
1 N. Second St.
Hartsville, South Carolina 29550
Telephone: 843/383-7000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Section 5 – Corporate Governance and Management
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On November 22, 2016, the Registrant's Board of Directors approved the appointment of Robert C. Tiede, age 58, as Executive Vice President and Chief Operating Officer. In this role, which becomes effective January 3, 2017, Mr. Tiede will have global leadership, sales and operating responsibility for all of the Company's diversified consumer, industrial and protective packaging businesses. He will continue to report to M. Jack Sanders, President and Chief Executive Officer.
Mr. Tiede joined Sonoco as president of Sonoco CorrFlex following the 2004 acquisition of CorrFlex Graphics' point-of-purchase merchandising display and packaging business. In 2007, he became division vice president and general manager of the Company's Flexible Packaging division and later added responsibility for all of the Company's Consumer Packaging businesses. He became Senior Vice President in 2013 and in 2015 added responsibility for the Company's Protective Solutions and Reels businesses. Prior to joining Sonoco, Mr. Tiede worked in private equity as president of Bostic Packaging/CorrFlex from 2000 to 2004 and president of Sterling International from 1998 to 2000. He also served as executive vice president of Graphic Packaging International, Inc., heading its flexible packaging division from 1994 to 1998.
The Company has not entered into any material contracts, plans or arrangements with Mr. Tiede. There are no family relationships between Mr. Tiede and any other executive officer or director of the Company, and there are no arrangements or understandings pursuant to which he has been appointed. There are no transactions between the Company and Mr. Tiede that would constitute related person transactions under Item 404(a) of Regulation S-K, nor does Mr. Tiede hold a directorship with any reporting company.
Section 8 – Other Events
Item 8.01 | Other Events. |
In addition to the appointment of Mr. Tiede as Executive Vice President and Chief Operating Officer, the Company announced several other leadership changes to be effective January 3, 2017. These changes were communicated in a press release which is included in this Current Report on Form 8-K as Exhibit 99 under Item 9.01.
Section 9 - Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(d) Exhibit 99 - Registrant’s press release announcing senior leadership changes
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: November 29, 2016 | By: | /s/ Barry L. Saunders |
Barry L. Saunders | ||
Senior Vice President and Chief Financial Officer | ||
EXHIBIT INDEX
99 | Registrant’s press release announcing senior leadership changes. | ||
November 29, 2016 Contact: Roger Schrum
+843/339-6018
Sonoco Announces Senior Leadership Changes
Tiede Appointed Chief Operating Officer;
Arthur, Coker and Fuller Promoted to Senior VP of Company’s Global Businesses
Hartsville, S.C., U.S. - Sonoco (NYSE: SON), one of the largest global diversified packaging companies, today announced several new senior leadership changes which will become effective January 3, 2017, according to M. Jack Sanders, President and Chief Executive Officer.
Robert C. Tiede, 58, has been appointed Executive Vice President and Chief Operating Officer and will have global leadership, sales and operating responsibility for all of the Company’s diversified consumer, industrial and protective packaging businesses, reporting to Sanders. Since joining Sonoco in 2004, Tiede has led all of Sonoco’s global consumer-related businesses, including Rigid Paper Containers, Flexible Packaging, Plastics and Display and Packaging. During his tenure, Sonoco’s consumer-related businesses have increased sales by approximately 90 percent and operating profits by 120 percent, as the Company’s consumer growth strategy developed broader global packaging and services capabilities.
“Rob has been a key leader of our efforts to Re-Envision Sonoco to become a more innovative, consumer solutions-focused business,” said Sanders. “His ability to turn around underperforming businesses, drive innovation to spur organic growth and help build our capabilities through targeted acquisitions has been an important element in executing our Grow and Optimize strategy.”
Tiede joined Sonoco as president of Sonoco CorrFlex following the 2004 acquisition of CorrFlex Graphics’ point of purchase merchandising display and packaging business. In 2007, he became division vice president and general manager of the Company’s Flexible Packaging division and later added responsibility for all of the Company’s Consumer Packaging businesses. He became Senior Vice President in 2013 and in 2015 added responsibility for the Company’s Protective Solutions and Reels businesses. Prior to joining Sonoco, Tiede worked in private equity as president of Bostic Packaging/CorrFlex from 2000 to 2004 and president of Sterling International from 1998 to 2000. He also served as executive vice president of operations for Graphic Packaging International, Inc., heading its flexible packaging division from 1994 to 1998.
A Chartered Accountant through the Canadian Institute of Chartered Accountants, Tiede began his professional career with KPMG. Tiede is active in industry and community organizations and is the chairman of the Flexible Packaging Association and Hartsville United Way. A native of Winnipeg, Manitoba, Canada, Tiede became a U.S. citizen in 2013 and he and his wife, Val, maintain a home in Hartsville and have three grown children.
1 North Second Street
Hartsville, S.C. 29550 USA
843/383-7794
www.sonoco.com
Sanders also announced the promotions of Vicki B. Arthur to Senior Vice President, Plastic Packaging and Protective Solutions; R. Howard Coker to Senior Vice President, Rigid Paper Containers and Paper/Engineered Carriers International; and Rodger D. Fuller to Senior Vice President, Paper/Engineered Carriers U.S./Canada and Display and Packaging. Each will report to Tiede.
In this new position, Arthur, 58, will have responsibility for Sonoco’s plastics businesses, including flexible packaging and thermoformed, injection molded and extruded plastics, and Protective Solutions, which includes the Company’s consumer durable paper-based packaging, molded foam components and temperature-assured packaging operations. Combined, these businesses have 52 operating facilities in North America, Europe and Asia with combined sales of approximately $1.5 billion and more than 4,000 associates.
Arthur joined Sonoco in 1984 and has held senior leadership positions in finance, including Corporate Treasurer, sales and operations. Prior to this promotion, she was Vice President, Protective Solutions. Arthur graduated from the University of South Carolina with a degree in accounting and worked in public accounting, becoming a Certified Public Accountant. In 2000, she received an MBA from Duke University. She is member of the AICPA and South Carolina Association of CPAs and is a member of the South Carolina Automotive Association. She remains active in community activities, including previously serving on the boards of Coker College, the Byerly Foundation and the Hartsville YMCA. Arthur and her husband, Stephen, have two grown children and have a home in Hartsville.
Coker, 54, has responsibility for the Company’s global composite can operations in North America, South America, Europe and Asia, as well as paper, tube and core operations in Europe, Latin America and Australasia. Combined, these businesses have annual sales of $1.8 billion, through 110 operations and 8,000 associates. Prior to this promotion, Coker was Group Vice President, and during his 31-year career he has held several leadership positions running global consumer-related and industrial businesses.
Coker holds a B.A. in business administration from Wofford College and an MBA from Wake Forest University. He is active in community and wildlife organizations, having served as past chairman of the Board of Trustees of Coker College and on the board of the Byerly Foundation and has been an active member of Ducks Unlimited. A native resident of Hartsville, he and his wife, Rhonda, have three grown children.
In this new position, Fuller, 55, has responsibility for the Company’s Paper and Engineered Carriers businesses, including 12 uncoated recycled paper mills, 24 recovered paper recycling facilities, 40 tube and core converting facilities and 16 wire and cable reels centers serving customers throughout the U.S. and Canada. In addition, he assumes responsibility for the Company’s Display and Packaging business, which operates 25 manufacturing and packaging facilities in the United States, Mexico, Poland and Brazil. Combined, these businesses have annual sales of $1.6 billion and 8,000 associates. Prior to this appointment, Fuller was Group Vice President and has held leadership positions in both Consumer and Industrial businesses during his 31-year career with Sonoco.
Fuller graduated from Berry College in Rome, Georgia, with a B.S. in business administration and received an MBA from Emory University. He is active in industry and community service organizations, including serving on the board of the Paper and Packaging Board, the American Forest and Paper Association and the Hartsville United Way. He and his wife, Helen, have two grown children and reside in Hartsville.
About Sonoco
Founded in 1899, Sonoco is a global provider of a variety of consumer packaging, industrial products, protective packaging, and displays and packaging supply chain services. With annualized net sales of approximately $5 billion, the Company has 20,000 employees working in more than 300 operations in 35 countries, serving some of the world’s best known brands in some 85 nations. For more information on the Company, visit our website at www.sonoco.com.
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1 North Second Street
Hartsville, S.C. 29550 USA
843/383-7794
www.sonoco.com
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