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Sealed Air Announces CEO Retirement In 2013 And Succession Plan

Stocks in this article: SEE

Sealed Air Corporation (NYSE:SEE) announced that its Chief Executive Officer, William V. Hickey, has advised its Board of his intention to retire in March 2013. In connection with the transition, the Board of Directors has elected him Chair of the Board effective September 1, 2012. Mr. Hickey will continue to serve as Chief Executive Officer of the Company but will no longer hold the title of President.

The Board simultaneously elected Jerome A. Peribere President and Chief Operating Officer of Sealed Air and appointed him as a director of the Company effective September 1, 2012. As President and Chief Operating Officer, Mr. Peribere will report to Mr. Hickey and be responsible for the Company’s operating businesses, supply chain network and new technology development.

William J. Marino, Lead Director of Sealed Air, stated, “This is the next step in a succession planning process which has been underway for some time.”

In March 2013 upon Mr. Hickey’s retirement, Mr. Peribere will assume the Chief Executive Officer position, and Mr. Hickey will step down as Chair of the Board but will continue to serve as a director of the Company.

Jerome Peribere, age 58, is a 35-year veteran of The Dow Chemical Company who has worked throughout the world in a variety of leadership roles. He was most recently President and Chief Executive Officer of Dow Advanced Materials, a $12 billion revenue unit of Dow serving customers in more than 130 countries. In this role, Mr. Peribere led the integration of the Rohm and Haas acquisition and delivered significant growth and cost synergies. Previously, Mr. Peribere spent most of his career in Dow AgroSciences.

Mr. Marino said, “We are extremely pleased that Jerome Peribere is joining Sealed Air. His extraordinary record of leadership at Dow, his extensive global experience and his success in acquisition integration will insure continued positive momentum for Sealed Air. In addition to driving results, he has the same passion for customers and their needs that has contributed to Sealed Air’s success over the years.”

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