HARTSVILLE, S.C. (News release) -- Sonoco announced that Julie Albrecht has assumed responsibilities as the Company's Vice President and Chief Financial Officer, effective March 1. Albrecht was named the Company's CFO-elect in December 2018, and is replacing Barry Saunders, Senior Vice President and most recent CFO, who is retiring on April 1.
Albrecht reports to Rob Tiede, President and Chief Executive Officer, and is a member of the Company's Executive Committee.
"We're proud of our strong financial position, and trust Julie to continue building on our 120-year foundation," Tiede said. "During her time at Sonoco, she has been instrumental in driving significant improvement in cash flow, while handling the financing for several strategic acquisitions totaling approximately $700 million."
Albrecht, 51, joined Sonoco in 2017 and has served as Vice President, Treasurer and Assistant CFO, responsible for the Company's treasury, tax and risk management functions. During that time, she managed the Company's relationships with credit rating agencies and commercial banks, and has been responsible for investment and risk management of the Company's retirement benefit plans. Before joining Sonoco, she held senior finance roles for several public companies. A photo of Albrecht can be found here.
In addition, Albrecht announced that Harold (Hal) G. Cummings, III, has been promoted to Staff Vice President, Corporate Treasurer, reporting to her, effective today. Previously, Cummings was Staff Vice President, Business Unit Finance, and in total he has 26 years of service to Sonoco working in a variety of financial planning and accounting roles. He is a member of Sonoco's Management Committee.
"Hal's broad experience across our Consumer and Industrial businesses and his strong financial acumen give him a solid background for his new position on our finance team," said Albrecht.