CHARLOTTE, NC (From news reports) - Sealed Air Corporation announced that Emile Chammas, Senior Vice President and Chief Operating Officer, will depart from the company effective April 1, 2025. The departure is a mutual agreement, according to the company's latest 8-K filing with the Securities and Exchange Commission.
Chammas, who has been with Sealed Air since joining as COO, will receive severance as outlined in the Sealed Air Corporation Executive Severance Plan. This includes a cash retention bonus per his letter agreement dated June 11, 2024, and the restricted stock unit (RSU) award granted on December 8, 2023, under the company's Omnibus Incentive Plan.
As part of the departure arrangement, Sealed Air will fully vest the RSU Retention Award that was granted to Chammas on August 15, 2024. This additional vesting is in exchange for Chammas' release of claims and agreement to adhere to post-employment covenants.
The company has not yet announced a successor for the COO position or detailed any interim leadership plans. The filing did not disclose reasons for Chammas' departure or mention any potential impact on Sealed Air's operations, which generated $5.4 billion in revenue over the last twelve months.
Sealed Air is known for its product offerings in the plastic material and synthetic resin/rubber industry, operating under the organization name "08 Industrial Applications and Services." The company's headquarters are located in Charlotte, North Carolina, and it is incorporated in Delaware.
This announcement comes as part of the company's regular disclosures to the SEC, ensuring transparency with investors and the public regarding executive movements and compensatory arrangements.
Investors and stakeholders will be watching closely to see how Sealed Air manages this transition and any subsequent announcements regarding leadership changes. The company's shares are traded on the New York Stock Exchange under the ticker symbol SEE, with a notable 20-year track record of consistent dividend payments.
In other recent news, Sealed Air Corporation reported its fourth-quarter earnings for 2024, surpassing analysts' expectations with an adjusted earnings per share (EPS) of $0.75, compared to the forecasted $0.68. Revenue for the quarter matched projections at $1.37 billion, demonstrating stability in a challenging market environment. The company's adjusted EBITDA for the quarter was $271 million, a slight decrease of 1% year-over-year, reflecting ongoing market pressures. Sealed Air's strategic focus on innovation and cost optimization has been pivotal, with the company on track to deliver $90 million in savings by 2025.
Additionally, Sealed Air has projected net sales between $5.1 billion and $5.5 billion for 2025, with an expected 1% growth at the midpoint, excluding foreign exchange impacts. The company aims for adjusted EBITDA between $1.075 billion and $1.175 billion, targeting mid-single-digit earnings growth. In terms of analyst perspectives, there were no recent upgrades or downgrades reported. However, the company continues to face risks such as supply chain disruptions and competitive pressures, particularly in the e-commerce packaging market.
Sealed Air has also announced plans to close two plants by the end of the year as part of its ongoing cost optimization efforts. The company remains committed to strengthening its balance sheet, targeting a net debt to adjusted EBITDA ratio of approximately three times by the end of 2026. These recent developments underscore Sealed Air's focus on strategic initiatives to navigate market challenges and drive future growth.
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