By Katherine Hamilton
Sealed Air Chief Executive Patrick Kivits is departing after less than a year as the company aims to pivot its business strategy. Chief Financial Officer Dustin Semach was named to succeed him.
Kivits stepped down, effective immediately, in a mutual agreement with the board of directors, the packaging company said Friday.
The leadership transition is part of a realignment of the business, which is known for its Bubble Wrap product.
Sealed Air has been focusing on improving its commercial approach and right sizing its cost structure, board Chairman Henry Keizer said.
"As we enter the next phase of our transformation, our success requires a leader with a deep understanding of our businesses and a strong sense of urgency," Keizer said.
Kivits became chief executive in July 2024 after Ted Doheny stepped down in October 2023. Semach served as an interim chief executive between Doheny's and Kivits's tenures.
Chief Accounting Officer Veronika Johnson will be interim CFO while the company searches for a replacement, Sealed Air said.
In connection with his promotion, Semach's base salary is set to increase to $1.1 million. He made $656,800 as a base salary in 2022, according to a filing with the Securities and Exchange Commission. His total compensation was $4.8 million in 2023 while he was also serving as an interim chief executive.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
February 14, 2025 16:57 ET (21:57 GMT)
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