01—Abstract
Summary
Summary of the 8-K filed February 28, 2025. Cited figures are marked; the original filing is the authoritative source.
Packaging Corporation of America (PCA, NYSE: PKG) disclosed on February 28, 2025 a set of planned leadership changes.
Robert P. Mundy, Executive Vice President and Chief Financial Officer, notified the company on February 26, 2025 that he will step down as CFO effective May 1, 2025, and will remain employed in an advisory role through his planned retirement date of March 1, 2026, receiving his current base salary until then. Kent A.
Pflederer, Senior Vice President, General Counsel and Secretary, will become Executive Vice President and CFO on May 1, 2025, serving as principal financial and principal accounting officer, with an annual base salary of $750,000a effective that date and eligibility for incentive and long-term equity awards. The filing states no agreements were entered into with Mr. Pflederer in connection with the appointment. The accompanying press release, filed as Exhibit 99.1 and dated February 26, 2025, also announces operational leadership changes.
Thomas A. Hassfurther, Executive Vice President, Corrugated Products, has been named President of PCA, reporting to Chairman and CEO Mark W. Kowlzan, with responsibility for strategic growth efforts, capital allocation and acquisition opportunities in addition to the corrugated products business.
D. Ray Shirley, Senior Vice President, Corporate Engineering and Process Technology, has been named Executive Vice President, Corrugated Products, reporting to Mr. Hassfurther and assuming day-to-day management of that business while continuing to oversee engineering and technology. The filing describes PCA as the third largest producer of containerboard and corrugated packaging products in the United States and a leading producer of uncoated freesheet paper in North America, operating eight paper mills and 86 corrugated products plants and related facilities.
02—Key points
Key Highlights
- CFO transition: Robert P. Mundy steps down as Executive Vice President and CFO effective May 1, 2025, and remains in an advisory role through planned retirement on March 1, 2026.
- Kent A. Pflederer, currently Senior Vice President, General Counsel and Secretary, becomes Executive Vice President and CFO, principal financial and principal accounting officer, on May 1, 2025.
- Pflederer's annual base salary is $750,000 effective May 1, 2025, with eligibility for annual incentive awards and Long Term Equity Incentive Plan awards.
- No agreements were entered into with Pflederer in connection with the new position, and he is not party to any transaction requiring disclosure under Item 404(a) of Regulation S-K.
- Thomas A. Hassfurther, EVP Corrugated Products, is named President of PCA, overseeing strategic growth, capital allocation and acquisition opportunities.
- D. Ray Shirley, SVP Corporate Engineering and Process Technology, is named Executive Vice President, Corrugated Products, with day-to-day management of that business.
- PCA operates eight paper mills and 86 corrugated products plants and related facilities, and is the third largest U.S. producer of containerboard and corrugated packaging.
03—Questions
Frequently Asked Questions
When does the CFO change take effect and who is taking over?
Robert P. Mundy steps down as CFO on May 1, 2025. Kent A. Pflederer, currently Senior Vice President, General Counsel and Secretary, becomes Executive Vice President and CFO on that date and will serve as principal financial and principal accounting officer.
Is Mr. Mundy leaving the company entirely?
No. Mr. Mundy will remain employed by PCA in an advisory role through his planned retirement date of March 1, 2026, and will receive his current base salary through that date.
What compensation will the new CFO receive?
Effective May 1, 2025, Mr. Pflederer will receive an annual base salary of $750,000 and is eligible for an annual incentive award under the Executive Incentive Compensation Plan and awards under the Long Term Equity Incentive Plan, as determined by the Compensation Committee.
What new roles are being created or changed in the operating leadership?
Thomas A. Hassfurther was named President of PCA while continuing to lead corrugated products, and will drive strategic growth and capital allocation. D. Ray Shirley was named Executive Vice President, Corrugated Products, and will manage that business day to day, reporting to Mr. Hassfurther.
04—Continue