01—Abstract
Summary
Summary of the 8-K filed October 9, 2025. Cited figures are marked; the original filing is the authoritative source.
Amcor plc (NYSE: AMCR; ASX: AMC) disclosed on October 9, 2025 that CFO Michael Casamento will step down from his officer role effective November 10, 2025 to return to Australia full-time.
He will remain employed as a special advisor until June 30, 2026 (or an earlier agreed date) to support a smooth transition. Stephen R. Scherger, 61, currently CFO of Graphic Packaging (NYSE: GPK) since 2015, will succeed him as EVP and CFO effective November 10, 2025.
Management characterized the departure as personal and not the result of any disagreement with the Company. For investors, the key takeaway is a planned, orderly leadership handover at a critical stage, with the company's post-Berry Global integration and portfolio optimization priorities expected to carry forward under the new CFO. Scherger's compensation package is substantial and signals the Board's intent to secure an experienced packaging finance leader.
It includes a $1.0 milliona base salary, an MIP target of 100% of base (payout range 0-200%), an LTIP annual grant target of 300% of base, a special LTIP grant of about 195% of base, a $500,000 sign-on cash bonus payable February 2026, and a $2.3 million retention RSU grant vesting 50% after one year and 50% after two years. Casamento's separation terms are generous, including continued salary through June 30, 2026, a payment equal to twelve months' base salary, pro-rated bonus eligibility, continued vesting of certain equity awards, and relocation assistance, all in exchange for a general release and customary restrictive covenants. In the same release, Amcor reaffirmed its fiscal 2026 outlook from its August 14, 2025 results: Adjusted EPS of 80-83 cents (12-17% constant currency growth) and Free Cash Flow of $1.8-1.9 billion.
First-quarter Adjusted EPS is expected to fall within the previously announced 18-20 cent range. The reaffirmation helps reduce uncertainty around the transition, though the filing's extensive forward-looking risk factors, including Berry Global integration, indebtedness, and tariff exposure, remain relevant.
02—Key points
Key Highlights
- CFO transition: Michael Casamento steps down as EVP and CFO effective November 10, 2025, after roughly ten years in the role, and stays as special advisor through June 30, 2026.
- Successor named: Stephen R. Scherger (61), CFO of Graphic Packaging since 2015, becomes EVP and CFO effective November 10, 2025, with more than 30 years of packaging industry finance and operations experience.
- Departure not disputed: Casamento's exit is described as a personal decision to return to Australia, with no disagreement with the Company cited.
- Scherger compensation: $1.0M base salary; MIP target 100% of base (0-200% payout range); LTIP annual grant target 300% of base; special LTIP grant about 195% of base; $500K sign-on bonus; $2.3M retention RSUs vesting 50% at one year and 50% at two years.
- Casamento separation terms: continued salary and benefits through June 30, 2026, a payment equal to 12 months' base salary, pro-rated FY2026 bonus eligibility, equity vesting and exercise provisions, and relocation assistance, conditioned on a general release and restrictive covenants.
- Guidance reaffirmed: FY2026 Adjusted EPS of 80-83 cents (12-17% constant currency growth) and Free Cash Flow of $1.8-1.9 billion; Q1 FY2026 Adjusted EPS expected within 18-20 cents.
- Strategic continuity: management says the new CFO will focus on Berry Global integration commitments, portfolio optimization, and long-term organic growth.
03—Questions
Frequently Asked Questions
Why is Amcor's CFO leaving, and is it related to performance or a dispute?
Michael Casamento is leaving to return to Australia full-time to be closer to his family. The 8-K states that his departure is not the result of any disagreement with the Company. He will remain as a special advisor until June 30, 2026 to ensure a smooth handover.
Who is replacing Michael Casamento, and what is his background?
Stephen R. Scherger, 61, will become EVP and CFO effective November 10, 2025. He has been CFO of Graphic Packaging since 2015, where he helped transform the company into the largest U.S. producer of fiber-based packaging. He previously held senior finance and operations roles at Graphic Packaging and spent 25 years at MeadWestvaco, where he was president of a $1.3 billion business. He also serves on the board of Middleby Corporation.
What does the new CFO's pay package look like?
Scherger will receive a $1.0 million annual base salary, a MIP target of 100% of base with payouts from 0% to 200%, and an annual LTIP grant targeting 300% of base. He also gets a special LTIP grant of about 195% of base, a $500,000 sign-on bonus payable in February 2026, and a $2.3 million retention RSU award vesting in equal halves at one and two years. He is also eligible for the Executive Change in Control Severance Plan.
Does the leadership change affect Amcor's 2026 financial guidance?
No. In the same announcement, Amcor reaffirmed its FY2026 outlook of Adjusted EPS of 80-83 cents (12-17% constant currency growth) and Free Cash Flow of $1.8-1.9 billion, and expects Q1 Adjusted EPS within 18-20 cents. The company did not announce any change to these expectations.
What are the main risks investors should monitor following this change?
Key risks include the integration of Berry Global, which the company says is still delivering commitments, along with significant indebtedness, Merger-related tax liabilities, raw material and energy cost volatility, tariff and trade policy changes, and the ability to retain key officers and employees through transitions. The overlap period between the two CFOs is short, and Scherger is new to the company, so investors should watch for continuity in integration execution and any changes to capital allocation or reporting.
04—Continue