8-KLeadership ChangesExhibits & Filings

Amcor plc 8-K Report, Executive Changes (Sep 5, 2024)

Filed September 5, 2024For Securities:AMCRAMCCF

Summary

Amcor plc (AMCR) announced a significant executive leadership change via an 8-K filing on September 5, 2024. Fred Stephan, previously President of Amcor Flexibles North America, has been appointed Chief Operating Officer (COO) of the Company, effective immediately. This move signals a strategic elevation of an existing leader with extensive experience within the company and its acquired businesses, notably Bemis Company. Mr. Stephan's background includes a strong track record in senior executive and commercial roles across various industrial sectors. In his new capacity as COO, Mr. Stephan will receive a competitive compensation package, including a base salary of $1,150,000, participation in the Management Incentive Plan with a 100% target, and continued involvement in the Equity Management Incentive Plan and Long-Term Incentive Plan, reflecting his critical role in driving operational performance. The filing also details severance provisions and updated notice periods for his employment, ensuring a structured transition and commitment. This appointment is a key internal promotion, suggesting continuity and a focus on leveraging existing leadership talent to drive Amcor's operational strategy forward. Investors should view this as a positive step, reinforcing the company's operational expertise at the highest levels.

Key Highlights

  • 1Fred Stephan appointed Chief Operating Officer (COO) of Amcor plc, effective immediately.
  • 2Mr. Stephan was formerly President of Amcor Flexibles North America.
  • 3His compensation package as COO includes an annualized base salary of $1,150,000.
  • 4He will participate in the Management Incentive Plan (MIP) with a 100% target payout and variable performance-based compensation.
  • 5Mr. Stephan will continue to receive equity awards through the Equity Management Incentive Plan (EMIP) and the Long-Term Incentive Plan.
  • 6Severance provisions and restrictive covenants have been updated for his new role.
  • 7There are no disclosed related-party transactions or family relationships with other executives or directors.

Frequently Asked Questions

Fred Stephan has been appointed as the new Chief Operating Officer (COO) of Amcor plc, effective September 5, 2024. He was previously the President of Amcor Flexibles North America and joined Amcor in 2019 through the acquisition of Bemis Company.

Mr. Stephan's compensation includes an annualized base salary of $1,150,000. He will also participate in the Management Incentive Plan (target 100% of base salary, with payouts ranging from 0-200%), the Equity Management Incentive Plan (annual grant valued at 50% of cash MIP payout), and the Long-Term Incentive Plan (grants valued at 225% of base salary).

If the Company terminates Mr. Stephan's employment without cause, he is entitled to severance equivalent to twelve months of base salary. His restrictive covenants remain in place for twelve months post-termination. The notice period for him to terminate his employment has been updated to six months' written notice.

The filing states that there are no transactions since the beginning of the Company's last fiscal year in which Amcor is a participant and in which Mr. Stephan or his immediate family have an interest requiring disclosure. Additionally, there are no disclosed family relationships between Mr. Stephan and any of Amcor's directors or executive officers.