Leadership Changes at Sonoco Products Company

News Summary

Sonoco Products Company announced significant leadership changes aimed at boosting its strategic vision. Jerry Cheatham will serve as interim CFO, while Shawn Munday is appointed Vice President of Strategic Finance. With expanded roles for existing leaders and a planned sale of the Thermoformed and Flexible Packaging business, these moves reflect Sonoco’s commitment to sustainable and innovative packaging solutions. Investors await the company’s fourth-quarter results, as Sonoco emphasizes its core operations and financial strength.

Exciting Leadership Changes at Sonoco Products Company

Sumter, South Carolina – Big news is coming out of Sonoco Products Company, putting a fresh spin on the leadership team of this global powerhouse in sustainable packaging. Starting January 3, 2025, the company will see some significant shifts in its senior leadership, aiming to enhance its strategic vision.

New Faces in Finance

First up in the lineup is Jerry Cheatham, who has been named the interim Chief Financial Officer following the departure of Rob Dillard. Cheatham has been with Sonoco since 1988 and has worn many hats throughout his career here. Most recently, he rocked the role of Vice President of Global Finance in the Industrial Paper Packaging segment. His expertise is set to guide the company through this transitional phase. Notably, Cheatham holds a BS degree in Accounting from South Carolina State University and an EMBA from Vanderbilt University.

While Cheatham takes over as interim CFO, the company is actively searching for a permanent replacement. It seems like a golden opportunity for someone to step into a crucial role in a company that’s been making waves in the packaging industry.

Strategic Finance Takes Shape

Another notable change is the appointment of Shawn Munday as the Vice President of Strategic Finance. Munday will play a central role overseeing global treasury, tax, and all things mergers and acquisitions. He joined Sonoco in 2022 and is expected to bring a fresh perspective to the table in tackling new challenges.

Legal Guidance and Paper Product Divisions

In a shift that could shape the direction of Sonoco’s operations, John Florence will now have expanded responsibilities. He is taking charge of both the Converted Paper Products division and the North America Paper division, reporting directly to the President and CEO, Howard Coker, along with James Harrell. Florence has been with Sonoco since 2015 and his experience will be crucial as the company moves forward.

Investors Welcome a Veteran Back

Meanwhile, the investor relations team will see a familiar face—Roger Schrum has been named the interim Head of Investor Relations after stepping away as Vice President in 2022. He’ll be taking the reins from Lisa Weeks, who is set to leave the company at the end of January 2025. Schrum’s return comes at a vital time when investor confidence will be key.

Future Outlook and Strategic Moves

Sonoco is gearing up to announce its fourth-quarter and full-year 2024 results on February 18, 2025. This will be followed by a conference call the next day to discuss insights and provide guidance for the exciting year ahead in 2025.

In the financial realm, Sonoco reported impressive net sales of approximately $6.8 billion for 2023 and has a strong workforce of around 22,000 employees spread across 300 operations globally. That’s no small feat!

Smart Business Moves Ahead

This year, Sonoco laid out plans to simplify its operations. The company has agreed to sell its Thermoformed and Flexible Packaging (TFP) business to Toppan Holdings Inc. for approximately $1.8 billion. This move is focused on streamlining their portfolio and allowing for targeted capital investments, all while the proceeds from the sale will help with existing debts.

As Sonoco prepares for the TFP transaction—expected to close in the first half of 2025—it signals a clear commitment to focus on core businesses. The TFP division generated about $1.3 billion in revenue last year, servicing a wide array of markets from food to medical, making this a significant strategic pivot.

With these exciting changes and plans for the future, Sonoco Products Company seems poised to not only weather the storm but thrive, continuing its mission of sustainable and innovative packaging solutions.

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