Amcor shares fall on news of CEO retirement
Make us a preferred source
Make us a preferred source on Google
More news: Shares in Amcor dipped at market open after the packaging major announced that its CEO Ron Delia will retire next month after nine years at the helm.
Amcor shares were down 4.2% to $13.84 at 10:30am AEDT.
The Melbourne-based company also reaffirmed its previously announced guidance for the 2024 fiscal year.
Amcor CEO Ron Delia to retire
The news: Amcor CEO Ron Delia will retire in April due to health reasons, after nine years at the helm of the NYSE- and ASX-listed packaging company.
The numbers: Having spent 18 years at Amcor, with half of those as CEO, Delia will step down from his position on 15 April, and hold an advisory role until 30 September to facilitate the transition to his permanent successor.
Last month, Amcor also reaffirmed its fiscal 2024 guidance announced in its second quarter and half year results, with expected adjusted earnings per share of 67 US cents to 71 US cents (1.03 to 1.09 cents) per share.
The context: Amcor's board has appointed its current chief commercial officer Peter Konieczny as interim CEO, as it conducts a search process to identify a permanent candidate. Konieczny has been a member of Amcor's global management team since 2010.
What they said: Amcor chair Graeme Liebelt said: "Under Ron’s leadership, Amcor has added billions of dollars in annual revenues, successfully completed the transformational Bemis acquisition, strengthened its global leadership positions in key markets and consistently led the industry by embedding sustainability into its operating and strategic agenda".
Delia said: "Together, we have created a stronger global packaging leader and laid the foundations for an exciting future as the business has substantial potential and is building near-term momentum. I have complete confidence in the strength and capabilities of Amcor’s leadership team, and Peter will do an outstanding job as interim CEO during the transition period."
The source: Amcor media release
